RenaissanceRe Holdings Ltd. $RNR Shares Bought by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lifted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 19.9% in the 1st quarter, HoldingsChannel.com reports. The fund owned 29,950 shares of the insurance provider’s stock after acquiring an additional 4,980 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in RenaissanceRe were worth $8,902,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Kingdom Financial Group LLC. purchased a new stake in shares of RenaissanceRe during the fourth quarter valued at $36,000. Quarry LP increased its stake in RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 94 shares in the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in RenaissanceRe during the 4th quarter worth about $38,000. Finally, SBI Securities Co. Ltd. raised its holdings in RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after buying an additional 37 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on RNR. Weiss Ratings raised shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, June 25th. Wall Street Zen lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Barclays upped their price target on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Cantor Fitzgerald raised their price objective on shares of RenaissanceRe from $340.00 to $354.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Finally, Wolfe Research set a $315.00 target price on shares of RenaissanceRe in a research note on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $331.80.

RenaissanceRe Trading Up 2.3%

Shares of NYSE RNR opened at $314.74 on Friday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe Holdings Ltd. has a one year low of $231.17 and a one year high of $329.57. The business has a 50-day moving average price of $301.77 and a two-hundred day moving average price of $296.81. The firm has a market capitalization of $13.42 billion, a PE ratio of 5.25, a PEG ratio of 1.14 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. The company had revenue of $2.19 billion for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%. As a group, analysts predict that RenaissanceRe Holdings Ltd. will post 40.57 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.41 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s payout ratio is presently 2.73%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.