189 Shares in RenaissanceRe Holdings Ltd. (NYSE:RNR) Bought by GAMMA Investing LLC

GAMMA Investing LLC purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 189 shares of the insurance provider’s stock, valued at approximately $37,000.

Several other large investors have also added to or reduced their stakes in RNR. New York State Common Retirement Fund lifted its holdings in shares of RenaissanceRe by 2.7% during the fourth quarter. New York State Common Retirement Fund now owns 175,899 shares of the insurance provider’s stock worth $34,476,000 after purchasing an additional 4,701 shares during the period. California Public Employees Retirement System lifted its stake in RenaissanceRe by 46.1% during the 4th quarter. California Public Employees Retirement System now owns 244,162 shares of the insurance provider’s stock valued at $47,856,000 after acquiring an additional 77,016 shares during the period. Jennison Associates LLC boosted its holdings in shares of RenaissanceRe by 22.1% in the 4th quarter. Jennison Associates LLC now owns 533,127 shares of the insurance provider’s stock valued at $104,493,000 after acquiring an additional 96,322 shares during the last quarter. abrdn plc increased its stake in shares of RenaissanceRe by 135.9% in the fourth quarter. abrdn plc now owns 16,677 shares of the insurance provider’s stock worth $3,269,000 after acquiring an additional 9,607 shares during the period. Finally, Cooke & Bieler LP raised its holdings in shares of RenaissanceRe by 97.9% during the fourth quarter. Cooke & Bieler LP now owns 1,088,978 shares of the insurance provider’s stock worth $213,440,000 after purchasing an additional 538,636 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. BMO Capital Markets upped their price target on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an “outperform” rating in a report on Monday, February 5th. JPMorgan Chase & Co. raised their price target on shares of RenaissanceRe from $237.00 to $245.00 and gave the company a “neutral” rating in a research note on Wednesday. TD Cowen assumed coverage on RenaissanceRe in a research note on Wednesday, January 10th. They set a “market perform” rating for the company. Evercore ISI raised their target price on RenaissanceRe from $216.00 to $218.00 and gave the company an “underperform” rating in a research report on Wednesday. Finally, UBS Group boosted their price target on RenaissanceRe from $229.00 to $238.00 and gave the stock a “neutral” rating in a research report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $249.00.

RenaissanceRe Stock Performance

NYSE RNR opened at $218.32 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.41. The stock’s fifty day moving average is $226.40 and its two-hundred day moving average is $216.37. The firm has a market capitalization of $11.54 billion, a P/E ratio of 4.82, a price-to-earnings-growth ratio of 1.95 and a beta of 0.31. RenaissanceRe Holdings Ltd. has a fifty-two week low of $174.22 and a fifty-two week high of $239.42.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share for the quarter, beating the consensus estimate of $9.86 by $2.32. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.05 billion. During the same quarter in the previous year, the company posted $8.16 EPS. The company’s revenue was up 41.3% compared to the same quarter last year. On average, research analysts anticipate that RenaissanceRe Holdings Ltd. will post 35.4 earnings per share for the current year.

RenaissanceRe Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.39 dividend. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.56 annualized dividend and a dividend yield of 0.71%. RenaissanceRe’s dividend payout ratio is 3.45%.

Insider Transactions at RenaissanceRe

In related news, Director Carol P. Sanders sold 880 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $227.59, for a total value of $200,279.20. Following the completion of the transaction, the director now directly owns 5,363 shares in the company, valued at $1,220,565.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total transaction of $586,400.00. Following the completion of the sale, the chief financial officer now directly owns 70,424 shares in the company, valued at $16,518,653.44. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Carol P. Sanders sold 880 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the completion of the transaction, the director now owns 5,363 shares in the company, valued at $1,220,565.17. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

About RenaissanceRe

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.