RenaissanceRe Holdings Ltd. $RNR Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 152.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 239,330 shares of the insurance provider’s stock after buying an additional 144,547 shares during the quarter. JPMorgan Chase & Co.’s holdings in RenaissanceRe were worth $58,136,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Amundi raised its holdings in shares of RenaissanceRe by 18.0% during the first quarter. Amundi now owns 6,924 shares of the insurance provider’s stock worth $1,699,000 after purchasing an additional 1,054 shares during the last quarter. Jane Street Group LLC grew its position in RenaissanceRe by 1,180.7% during the 1st quarter. Jane Street Group LLC now owns 74,217 shares of the insurance provider’s stock worth $17,812,000 after purchasing an additional 68,422 shares during the period. First Citizens Bank & Trust Co. raised its stake in shares of RenaissanceRe by 276.7% during the 2nd quarter. First Citizens Bank & Trust Co. now owns 4,882 shares of the insurance provider’s stock valued at $1,186,000 after buying an additional 3,586 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of RenaissanceRe by 34.3% during the 1st quarter. Federated Hermes Inc. now owns 6,033 shares of the insurance provider’s stock valued at $1,448,000 after buying an additional 1,541 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of RenaissanceRe in the 2nd quarter valued at about $527,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on RNR. Morgan Stanley raised their target price on RenaissanceRe from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Monday, November 17th. Cantor Fitzgerald raised shares of RenaissanceRe to a “hold” rating in a research note on Wednesday, August 13th. Wolfe Research began coverage on shares of RenaissanceRe in a research note on Monday, September 15th. They issued a “peer perform” rating for the company. Cowen restated a “hold” rating on shares of RenaissanceRe in a research report on Tuesday, October 7th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a report on Tuesday. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and a consensus target price of $284.50.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $261.17 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.36 and a current ratio of 1.40. The firm has a fifty day moving average of $256.61 and a 200 day moving average of $247.45. The firm has a market cap of $12.04 billion, a PE ratio of 7.26, a PEG ratio of 2.08 and a beta of 0.25. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $290.78.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.49 by $6.13. The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $1.97 billion. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The company’s revenue was down 4.8% compared to the same quarter last year. During the same period last year, the firm posted $10.23 earnings per share. As a group, research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.6%. The ex-dividend date is Monday, December 15th. RenaissanceRe’s payout ratio is 4.45%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.