Gateway Investment Advisers LLC boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) by 1.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,740 shares of the insurance provider’s stock after buying an additional 375 shares during the quarter. Gateway Investment Advisers LLC owned approximately 0.08% of RenaissanceRe worth $5,432,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Point72 Hong Kong Ltd acquired a new position in shares of RenaissanceRe in the fourth quarter worth approximately $45,000. Koshinski Asset Management Inc. lifted its position in shares of RenaissanceRe by 41.8% in the 1st quarter. Koshinski Asset Management Inc. now owns 312 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 92 shares during the period. Toth Financial Advisory Corp boosted its stake in shares of RenaissanceRe by 83.3% in the 1st quarter. Toth Financial Advisory Corp now owns 484 shares of the insurance provider’s stock valued at $77,000 after purchasing an additional 220 shares during the last quarter. Evercore Wealth Management LLC acquired a new stake in shares of RenaissanceRe during the fourth quarter worth $203,000. Finally, Hightower 6M Holding LLC bought a new position in RenaissanceRe during the first quarter worth $209,000. Institutional investors own 94.94% of the company’s stock.
In other news, Director Brian Gerald John Gray bought 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The shares were bought at an average cost of $130.62 per share, for a total transaction of $979,650.00. Following the acquisition, the director now directly owns 23,621 shares in the company, valued at $3,085,375.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.30% of the company’s stock.
RenaissanceRe Stock Down 0.4 %
RenaissanceRe (NYSE:RNR – Get Rating) last released its quarterly earnings data on Monday, July 25th. The insurance provider reported $5.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.11 by $0.40. RenaissanceRe had a negative net margin of 19.70% and a positive return on equity of 3.88%. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the firm earned $5.64 EPS. The business’s revenue was up 23.2% on a year-over-year basis. As a group, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 14.44 earnings per share for the current fiscal year.
RenaissanceRe Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be paid a $0.37 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $1.48 dividend on an annualized basis and a yield of 1.07%. RenaissanceRe’s dividend payout ratio (DPR) is presently -6.81%.
Analysts Set New Price Targets
A number of analysts have commented on RNR shares. Morgan Stanley cut their price target on shares of RenaissanceRe from $162.00 to $150.00 and set an “equal weight” rating on the stock in a research report on Friday, August 19th. Jefferies Financial Group lowered RenaissanceRe from a “buy” rating to a “hold” rating and cut their target price for the company from $173.00 to $162.00 in a research report on Tuesday, July 12th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and a consensus price target of $176.67.
RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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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