Handelsbanken Fonder AB Raises Stock Position in RenaissanceRe Holdings Ltd. $RNR

Handelsbanken Fonder AB boosted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 27.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,600 shares of the insurance provider’s stock after purchasing an additional 3,400 shares during the period. Handelsbanken Fonder AB’s holdings in RenaissanceRe were worth $4,386,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Capital World Investors raised its stake in RenaissanceRe by 0.3% during the third quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider’s stock worth $672,792,000 after purchasing an additional 7,839 shares during the period. Lightrock Netherlands B.V. raised its stake in RenaissanceRe by 4,690.1% during the fourth 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. Dimensional Fund Advisors LP raised its stake in RenaissanceRe by 4.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,001,410 shares of the insurance provider’s stock worth $254,273,000 after purchasing an additional 45,936 shares during the period. Bank of America Corp DE raised its stake in RenaissanceRe by 17.6% during the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after purchasing an additional 120,063 shares during the period. Finally, Invesco Ltd. raised its stake in shares of RenaissanceRe by 6.2% in the 3rd quarter. Invesco Ltd. now owns 618,974 shares of the insurance provider’s stock valued at $157,176,000 after acquiring an additional 36,254 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RNR has been the topic of a number of research analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of RenaissanceRe in a research note on Friday, March 27th. Mizuho set a $325.00 price target on shares of RenaissanceRe in a research note on Monday, May 4th. Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a research note on Tuesday, April 7th. Evercore set a $309.00 price target on shares of RenaissanceRe in a research note on Thursday, April 9th. Finally, Citigroup boosted their price target on shares of RenaissanceRe from $333.00 to $335.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Four analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $322.93.

RenaissanceRe Price Performance

RenaissanceRe stock opened at $295.54 on Friday. The company’s 50 day simple moving average is $300.97 and its 200-day simple moving average is $286.86. The company has a market capitalization of $12.60 billion, a price-to-earnings ratio of 4.93, a price-to-earnings-growth ratio of 0.80 and a beta of 0.22. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $318.20. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The firm had revenue of $2.19 billion for the quarter. As a group, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 39.66 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Monday, June 15th. RenaissanceRe’s dividend payout ratio is presently 2.73%.

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.