The Manufacturers Life Insurance Company Purchases Shares of 26,078 RenaissanceRe Holdings Ltd. $RNR

The Manufacturers Life Insurance Company purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 26,078 shares of the insurance provider’s stock, valued at approximately $8,264,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Sone Capital Management LLC bought a new position in shares of RenaissanceRe during the 2nd quarter valued at about $4,092,000. L2 Asset Management LLC purchased a new position in shares of RenaissanceRe during the 2nd quarter valued at about $2,023,000. Sanctuary Advisors LLC bought a new stake in RenaissanceRe in the 2nd quarter worth approximately $411,000. Meiji Yasuda Asset Management Co Ltd. bought a new stake in RenaissanceRe in the 2nd quarter worth approximately $1,878,000. Finally, Globeflex Capital L P purchased a new stake in RenaissanceRe in the second quarter worth approximately $171,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the transaction, the executive vice president owned 72,907 shares in the company, valued at $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $330.58 on Monday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market cap of $13.74 billion, a PE ratio of 5.67, a P/E/G ratio of 1.20 and a beta of 0.17. The business has a 50 day moving average of $320.85 and a 200 day moving average of $306.47. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $335.97.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The business had revenue of $2.77 billion for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. As a group, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s payout ratio is presently 2.81%.

Analysts Set New Price Targets

A number of brokerages have commented on RNR. Barclays increased their price target on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of RenaissanceRe in a research note on Thursday, July 23rd. Citigroup raised shares of RenaissanceRe from a “neutral” rating to a “buy” rating and increased their target price for the company from $335.00 to $345.00 in a report on Wednesday, June 10th. JPMorgan Chase & Co. lifted their target price on shares of RenaissanceRe from $329.00 to $360.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Finally, Morgan Stanley boosted their price target on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, RenaissanceRe has a consensus rating of “Hold” and an average target price of $336.33.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.