599,596 Shares in RenaissanceRe Holdings Ltd. $RNR Purchased by Norges Bank

Norges Bank bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 4th quarter, Holdings Channel reports. The fund bought 599,596 shares of the insurance provider’s stock, valued at approximately $168,582,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quarry LP boosted its holdings in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after buying an additional 52 shares during the period. CIBC Private Wealth Group LLC boosted its holdings in shares of RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after buying an additional 94 shares during the period. Kingdom Financial Group LLC. bought a new stake in shares of RenaissanceRe during the 4th quarter worth about $36,000. SBI Securities Co. Ltd. boosted its holdings in shares of RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after buying an additional 37 shares during the period. Finally, Clearstead Advisors LLC boosted its holdings in shares of RenaissanceRe by 134.7% during the 4th quarter. Clearstead Advisors LLC now owns 176 shares of the insurance provider’s stock worth $49,000 after buying an additional 101 shares during the period. Institutional investors own 99.97% of the company’s stock.

Analysts Set New Price Targets

RNR has been the subject of several research analyst reports. Morgan Stanley downgraded shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 target price for the company. in a report on Thursday, February 26th. UBS Group boosted their price objective on shares of RenaissanceRe from $319.00 to $326.00 and gave the company a “neutral” rating in a report on Monday, May 4th. Evercore set a $309.00 price objective on shares of RenaissanceRe in a report on Thursday, April 9th. Keefe, Bruyette & Woods boosted their price objective on shares of RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a report on Tuesday, April 7th. Finally, Barclays cut their price objective on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating for the company in a report on Wednesday, April 29th. Four research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $322.93.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $280.64 on Thursday. The firm has a 50 day moving average of $299.72 and a 200-day moving average of $288.15. The stock has a market capitalization of $11.96 billion, a PE ratio of 4.68, a PEG ratio of 0.76 and a beta of 0.18. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe Holdings Ltd. has a 12 month low of $231.17 and a 12 month high of $318.20.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. The company had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. On average, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 40.02 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

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

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.