Jupiter Topco LLC Acquires New Stake in RenaissanceRe Holdings Ltd. $RNR

Jupiter Topco LLC bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 18,842 shares of the insurance provider’s stock, valued at approximately $5,972,000.

A number of other institutional investors have also added to or reduced their stakes in RNR. Candriam S.C.A. purchased a new position in shares of RenaissanceRe during the first quarter worth about $6,202,000. Estate Counselors LLC purchased a new stake in RenaissanceRe in the fourth quarter valued at approximately $2,946,000. Mitsubishi UFJ Trust & Banking Corp raised its stake in RenaissanceRe by 60.9% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,958 shares of the insurance provider’s stock valued at $1,956,000 after purchasing an additional 2,634 shares in the last quarter. Delta Global Management LP bought a new stake in RenaissanceRe during the first quarter valued at approximately $1,754,000. Finally, Quantedge Capital Pte Ltd lifted its position in RenaissanceRe by 422.7% during the first quarter. Quantedge Capital Pte Ltd now owns 11,500 shares of the insurance provider’s stock valued at $3,418,000 after purchasing an additional 9,300 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Price Performance

RNR stock opened at $327.62 on Tuesday. The firm has a market cap of $13.61 billion, a P/E ratio of 5.62, a P/E/G ratio of 1.20 and a beta of 0.17. The firm’s fifty day moving average is $321.37 and its 200 day moving average is $306.70. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $335.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

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

RenaissanceRe Announces Dividend

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

Insiders Place Their Bets

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the sale, the executive vice president directly owned 72,907 shares in the company, valued at $24,280,218.21. This represents a 6.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RNR. Mizuho increased their price target on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. TD Cowen lifted their price objective on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Barclays upped their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Morgan Stanley increased their target price on RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Finally, Evercore set a $330.00 price target on RenaissanceRe in a research report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $336.33.

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.