L2 Asset Management LLC Has $1.48 Million Stake in RenaissanceRe Holdings Ltd. $RNR

L2 Asset Management LLC increased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 56.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,246 shares of the insurance provider’s stock after buying an additional 1,896 shares during the period. L2 Asset Management LLC’s holdings in RenaissanceRe were worth $1,475,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Squarepoint Ops LLC acquired a new position in RenaissanceRe during the fourth quarter worth $387,000. Vanguard Personalized Indexing Management LLC boosted its position in RenaissanceRe by 12.4% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 6,883 shares of the insurance provider’s stock worth $1,935,000 after purchasing an additional 761 shares during the period. Panagora Asset Management Inc. bought a new position in RenaissanceRe during the fourth quarter worth $25,259,000. MML Investors Services LLC boosted its position in RenaissanceRe by 18.8% during the fourth quarter. MML Investors Services LLC now owns 12,593 shares of the insurance provider’s stock worth $3,541,000 after purchasing an additional 1,997 shares during the period. Finally, Mariner LLC boosted its position in RenaissanceRe by 1.2% during the fourth quarter. Mariner LLC now owns 10,952 shares of the insurance provider’s stock worth $3,082,000 after purchasing an additional 129 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Wells Fargo & Company lifted their price objective on shares of RenaissanceRe from $305.00 to $306.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 30th. Weiss Ratings cut shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research report on Thursday. Citigroup raised shares of RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $335.00 to $345.00 in a research report on Wednesday, June 10th. Bank of America reduced their price objective on shares of RenaissanceRe to $426.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Finally, Wall Street Zen cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and a consensus price target of $323.64.

RenaissanceRe Trading Down 1.1%

Shares of RenaissanceRe stock opened at $297.53 on Tuesday. The firm has a 50-day moving average of $298.95 and a 200-day moving average of $289.81. The stock has a market cap of $12.68 billion, a PE ratio of 4.96, a PEG ratio of 1.13 and a beta of 0.19. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $318.20. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The company had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. As a group, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 40.05 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 15th. RenaissanceRe’s payout ratio is presently 2.73%.

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.