Rockefeller Capital Management L.P. Makes New Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Rockefeller Capital Management L.P. acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,525 shares of the insurance provider’s stock, valued at approximately $3,684,000.

A number of other hedge funds also recently modified their holdings of the stock. ORG Wealth Partners LLC bought a new position in RenaissanceRe in the 3rd quarter valued at about $30,000. Blue Trust Inc. acquired a new position in shares of RenaissanceRe in the second quarter valued at approximately $27,000. UMB Bank n.a. increased its stake in shares of RenaissanceRe by 316.7% during the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 95 shares during the period. V Square Quantitative Management LLC bought a new stake in RenaissanceRe in the 2nd quarter valued at $31,000. Finally, Advisors Asset Management Inc. acquired a new position in shares of RenaissanceRe in the third quarter valued at about $45,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $287.06 on Friday. RenaissanceRe Holdings Ltd. has a one year low of $188.24 and a one 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 1.43. The company has a market cap of $14.91 billion, a price-to-earnings ratio of 4.14, a PEG ratio of 1.40 and a beta of 0.41. The firm has a 50 day simple moving average of $272.25 and a 200 day simple moving average of $248.15.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 26.31% and a net margin of 28.84%. RenaissanceRe’s revenue was up 52.1% compared to the same quarter last year. During the same period in the prior year, the company earned $8.33 EPS. Research analysts predict that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.54%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.25%.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at $22,890,276. The trade was a 1.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

RNR has been the subject of several analyst reports. Jefferies Financial Group lifted their price objective on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Barclays began coverage on RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price target for the company. Bank of America raised their price objective on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Wells Fargo & Company upped their target price on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Finally, Keefe, Bruyette & Woods decreased their price target on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $293.00.

RenaissanceRe Company 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.