L2 Asset Management LLC Acquires New Holdings in RenaissanceRe Holdings Ltd. $RNR

L2 Asset Management LLC acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, Holdings Channel reports. The fund acquired 6,382 shares of the insurance provider’s stock, valued at approximately $2,023,000.

A number of other hedge funds also recently bought and sold shares of RNR. Quarry LP boosted its position in RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in shares of RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 94 shares in the last quarter. Kingdom Financial Group LLC. bought a new position in shares of RenaissanceRe in the 4th quarter worth $36,000. Mcguire Capital Advisors Inc. purchased a new stake in shares of RenaissanceRe during the 4th quarter worth $38,000. Finally, SBI Securities Co. Ltd. lifted its stake in shares of RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Up 1.8%

RenaissanceRe stock opened at $329.39 on Tuesday. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $335.97. The business has a fifty day moving average price of $318.44 and a 200-day moving average price of $305.58. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $13.69 billion, a price-to-earnings ratio of 5.65, a PEG ratio of 1.18 and a beta of 0.17.

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

RenaissanceRe Announces Dividend

The firm also recently declared 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 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%.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the company’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. This represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

RNR has been the topic of several analyst reports. Weiss Ratings lowered RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, August 17th. 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. Evercore set a $330.00 price target on shares of RenaissanceRe in a report on Thursday, July 23rd. Bank of America lifted their price objective on shares of RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Finally, Morgan Stanley boosted their price objective 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 research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $336.33.

RenaissanceRe Company 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.