Atria Wealth Solutions Inc. bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,303 shares of the insurance provider’s stock, valued at approximately $261,000.
A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of RenaissanceRe by 0.3% during the third quarter. Vanguard Group Inc. now owns 4,518,448 shares of the insurance provider’s stock worth $634,345,000 after purchasing an additional 11,838 shares during the period. BlackRock Inc. lifted its stake in shares of RenaissanceRe by 0.9% in the 1st quarter. BlackRock Inc. now owns 4,063,107 shares of the insurance provider’s stock valued at $814,003,000 after purchasing an additional 37,079 shares during the period. Capital World Investors boosted its holdings in RenaissanceRe by 5.4% during the first quarter. Capital World Investors now owns 2,550,441 shares of the insurance provider’s stock worth $404,270,000 after buying an additional 129,891 shares in the last quarter. Boston Partners boosted its holdings in RenaissanceRe by 4.0% during the first quarter. Boston Partners now owns 1,910,970 shares of the insurance provider’s stock worth $382,923,000 after buying an additional 73,882 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in RenaissanceRe by 0.5% during the first quarter. JPMorgan Chase & Co. now owns 710,859 shares of the insurance provider’s stock worth $142,413,000 after buying an additional 3,400 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on RNR. BMO Capital Markets raised shares of RenaissanceRe from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $198.00 to $216.00 in a report on Tuesday, July 11th. Jefferies Financial Group raised shares of RenaissanceRe from a “hold” rating to a “buy” rating and increased their price target for the stock from $234.00 to $238.00 in a report on Thursday, May 25th. The Goldman Sachs Group began coverage on shares of RenaissanceRe in a report on Friday, September 8th. They set a “buy” rating and a $242.00 price target on the stock. Morgan Stanley assumed coverage on shares of RenaissanceRe in a report on Tuesday, June 20th. They set an “equal weight” rating and a $222.00 price target on the stock. Finally, Bank of America decreased their price objective on shares of RenaissanceRe from $275.00 to $266.00 and set a “buy” rating on the stock in a report on Monday, August 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $230.71.
RenaissanceRe Price Performance
Shares of NYSE RNR opened at $201.73 on Tuesday. The firm has a 50-day simple moving average of $191.05 and a 200-day simple moving average of $195.47. The stock has a market capitalization of $10.32 billion, a price-to-earnings ratio of 25.22 and a beta of 0.42. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.28. RenaissanceRe Holdings Ltd. has a 52 week low of $128.00 and a 52 week high of $223.80.
RenaissanceRe (NYSE:RNR – Get Free Report) last issued its earnings results on Tuesday, July 25th. The insurance provider reported $8.79 EPS for the quarter, beating analysts’ consensus estimates of $7.58 by $1.21. The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $1.96 billion. RenaissanceRe had a net margin of 5.60% and a return on equity of 14.22%. The company’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same period in the prior year, the business earned $5.51 earnings per share. On average, equities analysts predict that RenaissanceRe Holdings Ltd. will post 26.8 earnings per share for the current fiscal year.
RenaissanceRe Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 0.75%. The ex-dividend date is Thursday, September 14th. RenaissanceRe’s payout ratio is currently 19.00%.
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.
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