Mesirow Financial Investment Management Inc. Takes $210,000 Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Mesirow Financial Investment Management Inc. bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 771 shares of the insurance provider’s stock, valued at approximately $210,000.

Several other hedge funds have also recently added to or reduced their stakes in RNR. ORG Wealth Partners LLC purchased a new stake in shares of RenaissanceRe in the 3rd quarter valued at approximately $30,000. Blue Trust Inc. acquired a new stake in RenaissanceRe in the second quarter valued at $27,000. UMB Bank n.a. raised its stake in RenaissanceRe by 316.7% in the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after buying an additional 95 shares in the last quarter. V Square Quantitative Management LLC purchased a new stake in RenaissanceRe during the 2nd quarter worth about $31,000. Finally, EntryPoint Capital LLC purchased a new position in shares of RenaissanceRe in the 1st quarter valued at about $46,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

RNR has been the subject of several recent analyst reports. Barclays assumed coverage on RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 target price for the company. Bank of America upped their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Wells Fargo & Company lifted their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, Citigroup raised their price objective on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $293.00.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $269.00, for a total value of $269,000.00. Following the sale, the executive vice president now directly owns 83,044 shares in the company, valued at $22,338,836. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $263.83 on Wednesday. The stock has a fifty day moving average price of $267.96 and a 200 day moving average price of $242.62. RenaissanceRe Holdings Ltd. has a 1-year low of $188.24 and a 1-year high of $300.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.38. The company has a market cap of $13.76 billion, a PE ratio of 3.80, a P/E/G ratio of 1.75 and a beta of 0.39.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping the consensus estimate of $7.89 by $2.34. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The business’s revenue was up 52.1% on a year-over-year basis. During the same quarter last year, the business earned $8.33 EPS. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 40.75 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.59%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe’s payout ratio is 2.25%.

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.