Invst LLC Purchases New Shares in RenaissanceRe Holdings Ltd. $RNR

Invst LLC purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 5,239 shares of the insurance provider’s stock, valued at approximately $1,660,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. acquired a new position in RenaissanceRe in the second quarter valued at $1,319,724,000. Boston Partners boosted its stake in shares of RenaissanceRe by 9.9% during the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock worth $400,150,000 after buying an additional 128,245 shares during the period. Lightrock Netherlands B.V. grew its holdings in shares of RenaissanceRe by 15.8% during the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock worth $350,263,000 after buying an additional 160,915 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of RenaissanceRe by 5.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock worth $322,603,000 after buying an additional 52,371 shares during the last quarter. Finally, Bank of America Corp DE increased its position in RenaissanceRe by 17.6% in the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after acquiring an additional 120,063 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RNR has been the subject of several analyst reports. UBS Group set a $349.00 price objective on RenaissanceRe and gave the company a “neutral” rating in a research note on Monday, July 27th. Weiss Ratings downgraded RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, August 17th. TD Cowen upped their price target on RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. 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. Finally, Evercore set a $330.00 price objective on shares of RenaissanceRe in a research note on Thursday, July 23rd. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $336.33.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the transaction, the executive vice president directly owned 72,907 shares of the company’s stock, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

RenaissanceRe Trading Down 0.0%

Shares of RNR stock opened at $329.35 on Wednesday. The business’s fifty day moving average price is $319.02 and its 200 day moving average price is $305.78. The firm has a market capitalization of $13.68 billion, a PE ratio of 5.65, a P/E/G ratio of 1.20 and a beta of 0.17. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $335.97.

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

RenaissanceRe Dividend Announcement

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

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.