Commerce Bank Makes New Investment in RenaissanceRe Holdings Ltd. $RNR

Commerce Bank bought a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 1,612 shares of the insurance provider’s stock, valued at approximately $511,000.

A number of other hedge funds also recently modified their holdings of the business. Kingdom Financial Group LLC. acquired a new stake in shares of RenaissanceRe in the fourth quarter worth $36,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in RenaissanceRe during the second quarter valued at $42,000. Quarry LP raised its position in RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after buying an additional 52 shares during the period. CIBC Private Wealth Group LLC lifted its stake in RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 94 shares in the last quarter. Finally, Mcguire Capital Advisors Inc. purchased a new stake in RenaissanceRe in the 4th quarter worth about $38,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

RNR opened at $330.02 on Friday. The stock has a market cap of $13.71 billion, a price-to-earnings ratio of 5.66, a PEG ratio of 1.21 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $335.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average price of $320.23 and a 200 day moving average price of $306.18.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The firm had revenue of $2.77 billion for the quarter. Analysts forecast that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

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

Wall Street Analyst Weigh In

A number of brokerages have commented on RNR. Evercore set a $330.00 price objective on RenaissanceRe in a research report on Thursday, July 23rd. TD Cowen upped their target price on RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a report on Tuesday, July 7th. Cantor Fitzgerald reissued an “overweight” rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. Morgan Stanley raised their price target on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Finally, Barclays boosted their price objective on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and an average price target of $336.33.

Insider Activity at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president owned 72,907 shares of the company’s stock, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 2.30% of the company’s stock.

RenaissanceRe Company 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.