Amalgamated Bank Purchases 3,977 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Amalgamated Bank increased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 13.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,958 shares of the insurance provider’s stock after buying an additional 3,977 shares during the quarter. Amalgamated Bank owned 0.06% of RenaissanceRe worth $7,366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of RNR. BNP Paribas Financial Markets lifted its position in RenaissanceRe by 24.6% in the 4th quarter. BNP Paribas Financial Markets now owns 8,627 shares of the insurance provider’s stock worth $1,691,000 after buying an additional 1,704 shares during the last quarter. Norges Bank bought a new stake in RenaissanceRe in the 4th quarter worth approximately $133,196,000. Assetmark Inc. lifted its position in RenaissanceRe by 111,240.0% in the fourth quarter. Assetmark Inc. now owns 5,567 shares of the insurance provider’s stock valued at $1,091,000 after purchasing an additional 5,562 shares during the last quarter. Prospector Partners LLC lifted its position in RenaissanceRe by 0.3% in the fourth quarter. Prospector Partners LLC now owns 32,627 shares of the insurance provider’s stock valued at $6,395,000 after purchasing an additional 105 shares during the last quarter. Finally, Orion Portfolio Solutions LLC lifted its position in RenaissanceRe by 204.9% in the fourth quarter. Orion Portfolio Solutions LLC now owns 5,772 shares of the insurance provider’s stock valued at $1,170,000 after purchasing an additional 3,879 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of the stock in a transaction on Friday, July 26th. The stock was sold at an average price of $224.56, for a total value 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 $16,598,352.40. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

Analysts Set New Price Targets

RNR has been the subject of several recent research reports. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Friday, September 6th. UBS Group lowered their price objective on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Morgan Stanley lowered their price objective on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Bank of America boosted their price objective on RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Finally, Citigroup boosted their price objective on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, RenaissanceRe has an average rating of “Hold” and a consensus price target of $272.60.

RenaissanceRe Price Performance

Shares of RNR stock opened at $260.96 on Friday. The stock has a market cap of $13.61 billion, a price-to-earnings ratio of 5.77, a PEG ratio of 1.45 and a beta of 0.38. The business’s fifty day moving average is $241.14 and its 200 day moving average is $230.78. RenaissanceRe Holdings Ltd. has a twelve month low of $188.24 and a twelve month high of $268.61. 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 (NYSE:RNR) last issued its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping the consensus estimate of $10.88 by $1.53. The company had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. Research analysts expect 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 will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.56 annualized dividend and a yield of 0.60%. RenaissanceRe’s payout ratio is 3.45%.

RenaissanceRe Profile

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.