Canada Pension Plan Investment Board Makes New Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Canada Pension Plan Investment Board purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNRFree Report) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 37,700 shares of the insurance provider’s stock, valued at approximately $7,462,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. raised its position in RenaissanceRe by 22.2% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 26,074 shares of the insurance provider’s stock worth $4,863,000 after acquiring an additional 4,743 shares in the last quarter. O Shaughnessy Asset Management LLC bought a new stake in RenaissanceRe during the second quarter worth $930,000. Manning & Napier Group LLC raised its position in RenaissanceRe by 67.3% during the third quarter. Manning & Napier Group LLC now owns 122,963 shares of the insurance provider’s stock worth $24,337,000 after acquiring an additional 49,475 shares in the last quarter. Versor Investments LP bought a new stake in RenaissanceRe during the second quarter worth $560,000. Finally, Junto Capital Management LP bought a new stake in RenaissanceRe during the second quarter worth $25,853,000. 91.84% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RNR. TD Cowen began coverage on shares of RenaissanceRe in a research report on Wednesday, January 10th. They set a “market perform” rating on the stock. UBS Group raised their target price on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a “neutral” rating in a research note on Monday, February 5th. BMO Capital Markets raised their target price on shares of RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. Citigroup assumed coverage on shares of RenaissanceRe in a research note on Wednesday, November 22nd. They set a “buy” rating and a $251.00 target price for the company. Finally, Evercore ISI assumed coverage on shares of RenaissanceRe in a research note on Thursday, December 14th. They set an “underperform” rating and a $200.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, RenaissanceRe has an average rating of “Hold” and an average target price of $240.90.

Read Our Latest Research Report on RenaissanceRe

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $226.25 on Tuesday. RenaissanceRe Holdings Ltd. has a twelve month low of $174.22 and a twelve month high of $235.14. The company has a quick ratio of 1.45, a current ratio of 1.40 and a debt-to-equity ratio of 0.23. The company has a 50-day simple moving average of $206.99 and a two-hundred day simple moving average of $203.50. The stock has a market capitalization of $11.58 billion, a price-to-earnings ratio of 4.42, a price-to-earnings-growth ratio of 2.53 and a beta of 0.31.

RenaissanceRe (NYSE:RNRGet Free Report) last issued its quarterly earnings data on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share for the quarter, topping the consensus estimate of $8.13 by $3.64. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter in the previous year, the company earned $7.33 EPS. The business’s revenue was up 17.9% on a year-over-year basis. Analysts forecast that RenaissanceRe Holdings Ltd. will post 34.17 EPS for the current year.

RenaissanceRe Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be paid a $0.39 dividend. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 14th. This represents a $1.56 annualized dividend and a yield of 0.69%. RenaissanceRe’s payout ratio is 2.97%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP David E. Marra sold 750 shares of RenaissanceRe stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total value of $171,750.00. Following the completion of the sale, the executive vice president now owns 79,699 shares in the company, valued at approximately $18,251,071. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP David E. Marra sold 750 shares of the business’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total value of $171,750.00. Following the completion of the transaction, the executive vice president now directly owns 79,699 shares in the company, valued at approximately $18,251,071. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total transaction of $586,400.00. Following the completion of the transaction, the chief financial officer now owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The disclosure for this sale can be found here. Insiders sold 4,250 shares of company stock worth $967,200 in the last quarter. 2.10% of the stock is currently owned by corporate insiders.

About RenaissanceRe

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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