RenaissanceRe Holdings Ltd. $RNR Shares Bought by Corient Private Wealth LLC

Corient Private Wealth LLC raised its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 36.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 11,630 shares of the insurance provider’s stock after purchasing an additional 3,091 shares during the period. Corient Private Wealth LLC’s holdings in RenaissanceRe were worth $3,270,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Lightrock Netherlands B.V. boosted its stake in RenaissanceRe by 4,690.1% during the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after purchasing an additional 996,266 shares during the period. Orbis Allan Gray Ltd purchased a new stake in shares of RenaissanceRe in the fourth quarter valued at about $178,519,000. Norges Bank acquired a new stake in shares of RenaissanceRe during the fourth quarter worth about $168,582,000. Egerton Capital UK LLP purchased a new position in shares of RenaissanceRe during the fourth quarter worth about $137,944,000. Finally, GQG Partners LLC acquired a new position in RenaissanceRe in the 4th quarter valued at about $108,780,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Stock Up 4.0%

RNR stock opened at $319.30 on Friday. The company has a market cap of $13.61 billion, a P/E ratio of 5.32, a P/E/G ratio of 1.20 and a beta of 0.18. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $319.80. The company’s 50-day moving average price is $298.90 and its 200 day moving average price is $292.23. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22.

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

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.41 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio is currently 2.73%.

Analysts Set New Price Targets

A number of analysts have weighed in on RNR shares. Evercore set a $309.00 price objective on RenaissanceRe in a research report on Thursday, April 9th. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and increased their price target for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $305.00 to $306.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Keefe, Bruyette & Woods upped their price objective on shares of RenaissanceRe from $323.00 to $327.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 7th. Finally, Barclays reduced their target price on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 29th. Five research 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, the company presently has a consensus rating of “Hold” and an average target price of $323.64.

About RenaissanceRe

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.