Quantbot Technologies LP Takes Position in RenaissanceRe Holdings Ltd. $RNR

Quantbot Technologies LP purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 13,232 shares of the insurance provider’s stock, valued at approximately $4,193,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Horizon Investments LLC grew its stake in shares of RenaissanceRe by 247,520.0% during the fourth quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider’s stock valued at $6,962,000 after purchasing an additional 24,752 shares during the last quarter. Candriam S.C.A. bought a new position in RenaissanceRe in the 1st quarter worth approximately $6,202,000. Mitsubishi UFJ Trust & Banking Corp raised its position in RenaissanceRe by 60.9% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,958 shares of the insurance provider’s stock worth $1,956,000 after purchasing an additional 2,634 shares during the last quarter. Estate Counselors LLC acquired a new position in RenaissanceRe during the 4th quarter worth $2,946,000. Finally, Delta Global Management LP acquired a new position in RenaissanceRe during the 1st quarter worth $1,754,000. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

RNR opened at $324.18 on Monday. The company has a fifty day moving average price of $317.81 and a two-hundred day moving average price of $305.28. The firm has a market capitalization of $13.47 billion, a PE ratio of 5.56, a P/E/G ratio of 1.18 and a beta of 0.17. 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 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. As a group, analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current year.

RenaissanceRe Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of RenaissanceRe in a research note on Thursday, July 23rd. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and upped their price target for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. Wells Fargo & Company raised their price target on RenaissanceRe from $306.00 to $329.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Bank of America raised their price target on RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $329.00 to $360.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $336.33.

Insider Buying and Selling

In other RenaissanceRe 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 value of $1,665,150.00. Following the transaction, the executive vice president owned 72,907 shares of the company’s stock, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.

RenaissanceRe 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.