Marshall Wace LLP Raises Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Marshall Wace LLP boosted its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1,066.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 11,661 shares of the insurance provider’s stock after buying an additional 10,661 shares during the period. Marshall Wace LLP’s holdings in RenaissanceRe were worth $2,606,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Riverview Trust Co purchased a new position in shares of RenaissanceRe in the 1st quarter valued at $26,000. Blue Trust Inc. acquired a new position in shares of RenaissanceRe during the second quarter worth about $27,000. Rise Advisors LLC purchased a new stake in shares of RenaissanceRe in the first quarter worth about $31,000. V Square Quantitative Management LLC acquired a new stake in shares of RenaissanceRe in the second quarter valued at about $31,000. Finally, Mather Group LLC. purchased a new stake in shares of RenaissanceRe during the 1st quarter valued at about $34,000. 99.97% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Robert Qutub sold 2,500 shares of the business’s 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 transaction, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP David E. Marra sold 1,000 shares of the stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $269.00, for a total transaction of $269,000.00. Following the completion of the sale, the executive vice president now directly owns 83,044 shares in the company, valued at approximately $22,338,836. The disclosure for this sale can be found here. Insiders have sold 4,500 shares of company stock valued at $1,060,400 over the last quarter. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Morgan Stanley decreased their price target on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. UBS Group cut their price objective on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Wells Fargo & Company lowered their target price on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Barclays initiated coverage on RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price target on the stock. Finally, Citigroup raised their price objective on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued 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 opened at $273.98 on Friday. RenaissanceRe Holdings Ltd. has a 52 week low of $188.24 and a 52 week high of $276.55. 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 firm has a market cap of $14.29 billion, a price-to-earnings ratio of 6.03, a PEG ratio of 1.47 and a beta of 0.38. The stock has a 50 day moving average of $249.58 and a 200-day moving average of $233.29.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping analysts’ consensus estimates of $10.88 by $1.53. The firm had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. As a group, analysts forecast that RenaissanceRe Holdings Ltd. will post 39.01 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a dividend of $0.39 per share. The ex-dividend date was Friday, September 13th. This represents a $1.56 annualized dividend and a yield of 0.57%. RenaissanceRe’s dividend payout ratio (DPR) 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.