SYSTM Wealth Solutions LLC acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) during the fourth quarter, HoldingsChannel reports. The fund acquired 5,416 shares of the insurance provider’s stock, valued at approximately $998,000.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Boston Partners raised its position in RenaissanceRe by 130.7% during the third quarter. Boston Partners now owns 1,662,406 shares of the insurance provider’s stock worth $234,054,000 after acquiring an additional 941,897 shares during the last quarter. Lord Abbett & CO. LLC acquired a new position in RenaissanceRe during the fourth quarter worth about $140,549,000. Price T Rowe Associates Inc. MD raised its position in shares of RenaissanceRe by 10.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 3,687,321 shares of the insurance provider’s stock valued at $517,664,000 after buying an additional 352,164 shares during the last quarter. Balyasny Asset Management LLC acquired a new position in shares of RenaissanceRe in the third quarter valued at approximately $31,514,000. Finally, Eminence Capital LP acquired a new position in shares of RenaissanceRe in the third quarter valued at approximately $24,739,000. Hedge funds and other institutional investors own 95.52% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the stock. TheStreet raised shares of RenaissanceRe from a “c+” rating to a “b” rating in a research report on Tuesday, January 31st. StockNews.com started coverage on shares of RenaissanceRe in a research report on Thursday, May 18th. They set a “hold” rating for the company. JPMorgan Chase & Co. upped their price target on shares of RenaissanceRe from $170.00 to $175.00 and gave the stock an “underweight” rating in a research report on Friday, March 31st. Jefferies Financial Group raised shares of RenaissanceRe from a “hold” rating to a “buy” rating and upped their price target for the stock from $234.00 to $238.00 in a research report on Thursday. Finally, Wells Fargo & Company upped their price target on shares of RenaissanceRe from $245.00 to $256.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $210.20.
RenaissanceRe Trading Down 1.2 %
RenaissanceRe (NYSE:RNR – Get Rating) last released its quarterly earnings results on Tuesday, May 2nd. The insurance provider reported $8.16 earnings per share for the quarter, beating analysts’ consensus estimates of $7.34 by $0.82. The business had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.40 billion. RenaissanceRe had a negative net margin of 1.61% and a positive return on equity of 11.89%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period last year, the business earned $3.50 EPS. As a group, analysts expect that RenaissanceRe Holdings Ltd. will post 23.39 EPS for the current fiscal year.
RenaissanceRe Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend is Wednesday, June 14th. RenaissanceRe’s payout ratio is -41.99%.
RenaissanceRe Holdings Ltd. engages in the provision of reinsurance and insurance services. It operates through the following business segments: Property, Casualty and Specialty, and Other. The Property segment focuses on catastrophe, and other property reinsurance and insurance. The Casualty and Specialty segment deals with casualty and specialty reinsurance, and insurance.
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