Amalgamated Bank Boosts Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Amalgamated Bank lifted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,158 shares of the insurance provider’s stock after buying an additional 282 shares during the period. Amalgamated Bank owned approximately 0.07% of RenaissanceRe worth $6,891,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. First Horizon Advisors Inc. grew its stake in RenaissanceRe by 88.0% during the fourth quarter. First Horizon Advisors Inc. now owns 344 shares of the insurance provider’s stock worth $67,000 after buying an additional 161 shares during the period. LGT Group Foundation acquired a new stake in RenaissanceRe in the 4th quarter valued at $5,063,000. First Trust Direct Indexing L.P. raised its position in RenaissanceRe by 5.8% in the fourth quarter. First Trust Direct Indexing L.P. now owns 3,041 shares of the insurance provider’s stock valued at $596,000 after purchasing an additional 168 shares during the period. New York Life Investment Management LLC lifted its stake in shares of RenaissanceRe by 9.1% during the fourth quarter. New York Life Investment Management LLC now owns 5,747 shares of the insurance provider’s stock worth $1,126,000 after purchasing an additional 479 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of RenaissanceRe by 20.4% in the fourth quarter. Victory Capital Management Inc. now owns 23,306 shares of the insurance provider’s stock worth $4,568,000 after buying an additional 3,944 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. raised their target price on RenaissanceRe from $237.00 to $245.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Evercore ISI lifted their target price on RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. TD Cowen began coverage on RenaissanceRe in a report on Wednesday, January 10th. They issued a “market perform” rating for the company. BMO Capital Markets lifted their price objective on RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. Finally, UBS Group lifted their price target on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a “neutral” rating in a research note on Monday, February 5th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $249.00.

Insider Transactions at RenaissanceRe

In other news, CFO Robert Qutub sold 2,500 shares of the company’s 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 transaction, the chief financial officer now owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, 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 value of $200,279.20. Following the sale, the director now directly owns 5,363 shares in the company, valued at approximately $1,220,565.17. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the completion of the transaction, the chief financial officer now directly owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The disclosure for this sale can be found here. Corporate insiders own 1.80% of the company’s stock.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $218.32 on Monday. RenaissanceRe Holdings Ltd. has a 1-year low of $174.22 and a 1-year high of $239.42. The firm has a market capitalization of $11.54 billion, a PE ratio of 4.82, a P/E/G ratio of 1.95 and a beta of 0.31. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.41 and a quick ratio of 1.41. The business’s fifty day moving average price is $226.40 and its two-hundred day moving average price is $216.28.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data 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. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.05 billion. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. RenaissanceRe’s quarterly revenue was up 41.3% compared to the same quarter last year. During the same period last year, the firm posted $8.16 EPS. On average, research analysts expect that RenaissanceRe Holdings Ltd. will post 35.4 EPS for the current year.

RenaissanceRe Increases Dividend

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

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.