Yorktown Management & Research Co Inc Makes New Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Yorktown Management & Research Co Inc purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the first quarter, Holdings Channel.com reports. The fund purchased 1,450 shares of the insurance provider’s stock, valued at approximately $348,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd bought a new stake in RenaissanceRe during the fourth quarter valued at $27,000. SBI Securities Co. Ltd. purchased a new stake in shares of RenaissanceRe in the 4th quarter valued at about $29,000. Jones Financial Companies Lllp boosted its position in shares of RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 127 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of RenaissanceRe by 71.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 65 shares in the last quarter. Finally, Huntington National Bank increased its position in shares of RenaissanceRe by 179.3% in the fourth quarter. Huntington National Bank now owns 257 shares of the insurance provider’s stock worth $64,000 after purchasing an additional 165 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the firm’s stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the completion of the transaction, the chief accounting officer now owns 27,154 shares of the company’s stock, valued at approximately $6,776,009.16. This trade represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.00% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

RNR has been the subject of several research analyst reports. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 target price for the company in a research report on Tuesday, April 8th. Morgan Stanley set a $285.00 target price on shares of RenaissanceRe and gave the stock an “overweight” rating in a research report on Monday, May 19th. Jefferies Financial Group cut their price objective on RenaissanceRe from $266.00 to $265.00 and set a “hold” rating for the company in a report on Friday, April 11th. Bank of America cut their target price on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating for the company in a research note on Wednesday, March 26th. Finally, Keefe, Bruyette & Woods increased their target price on shares of RenaissanceRe from $279.00 to $282.00 and gave the company an “outperform” rating in a report on Tuesday, April 29th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $283.60.

RenaissanceRe Stock Performance

RenaissanceRe stock opened at $244.74 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.29. The firm has a market cap of $11.91 billion, a P/E ratio of 7.81, a P/E/G ratio of 2.93 and a beta of 0.31. RenaissanceRe Holdings Ltd. has a 1-year low of $208.98 and a 1-year high of $300.00. The firm has a 50-day moving average of $243.47 and a 200-day moving average of $243.87.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 15.90% and a net margin of 13.26%. The business had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.36 billion. During the same quarter last year, the business posted $12.18 EPS. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. Sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.65%. RenaissanceRe’s dividend payout ratio is 5.10%.

About RenaissanceRe

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.