Algert Global LLC Purchases New Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Algert Global LLC acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 5,306 shares of the insurance provider’s stock, valued at approximately $1,186,000.

Several other institutional investors have also added to or reduced their stakes in RNR. American International Group Inc. lifted its stake in RenaissanceRe by 1,829.6% in the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after purchasing an additional 1,321,325 shares during the last quarter. Vanguard Group Inc. lifted its stake in RenaissanceRe by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after purchasing an additional 148,173 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of RenaissanceRe by 21.3% during the second quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after acquiring an additional 109,851 shares during the period. Impax Asset Management Group plc increased its position in shares of RenaissanceRe by 7.7% during the second quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock worth $286,028,000 after acquiring an additional 91,425 shares during the period. Finally, Cooke & Bieler LP increased its position in shares of RenaissanceRe by 9.2% during the second quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after acquiring an additional 86,562 shares during the period. Institutional investors own 99.97% of the company’s stock.

Insiders Place Their Bets

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the transaction, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at approximately $22,890,276. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the sale, the chief financial officer now directly owns 73,915 shares in the company, valued at approximately $16,598,352.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, the executive vice president now owns 82,044 shares of the company’s stock, valued at $22,890,276. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,500 shares of company stock valued at $1,339,400. 1.30% of the stock is currently owned by insiders.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $279.58 on Friday. The firm has a market cap of $14.58 billion, a price-to-earnings ratio of 6.18, a PEG ratio of 1.47 and a beta of 0.38. The company’s 50 day moving average is $250.67 and its 200 day moving average is $233.57. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 52-week low of $188.24 and a 52-week high of $279.76.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.88 by $1.53. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The business had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.93 billion. On average, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 39.01 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.56%. The ex-dividend date of this dividend was Friday, September 13th. RenaissanceRe’s dividend payout ratio is currently 3.45%.

Wall Street Analyst Weigh In

RNR has been the topic of a number of research reports. Wells Fargo & Company reduced their target price on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. JPMorgan Chase & Co. raised their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Morgan Stanley reduced their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. UBS Group reduced their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. Finally, Citigroup raised their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and a consensus target price of $272.60.

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.