RenaissanceRe Holdings Ltd. $RNR Shares Bought by Quantedge Capital Pte Ltd

Quantedge Capital Pte Ltd boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 422.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,500 shares of the insurance provider’s stock after buying an additional 9,300 shares during the quarter. RenaissanceRe accounts for about 1.9% of Quantedge Capital Pte Ltd’s holdings, making the stock its 13th biggest holding. Quantedge Capital Pte Ltd’s holdings in RenaissanceRe were worth $3,418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the stock. SBI Securities Co. Ltd. raised its stake in shares of RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 37 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in shares of RenaissanceRe by 20.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 230 shares of the insurance provider’s stock worth $65,000 after purchasing an additional 39 shares during the period. Beacon Pointe Advisors LLC boosted its position in shares of RenaissanceRe by 2.2% during the 4th quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider’s stock worth $522,000 after purchasing an additional 40 shares during the period. Signaturefd LLC increased its holdings in RenaissanceRe by 8.9% in the 4th quarter. Signaturefd LLC now owns 504 shares of the insurance provider’s stock valued at $142,000 after purchasing an additional 41 shares during the last quarter. Finally, Midwest Professional Planners LTD. increased its holdings in RenaissanceRe by 1.5% in the 1st quarter. Midwest Professional Planners LTD. now owns 3,313 shares of the insurance provider’s stock valued at $985,000 after purchasing an additional 48 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RNR. Bank of America cut their target price on RenaissanceRe to $426.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. TD Cowen lifted their price objective on RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a research note on Tuesday, July 7th. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. Barclays boosted their price objective on RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Finally, Wall Street Zen lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $333.87.

RenaissanceRe Price Performance

Shares of RNR opened at $320.86 on Wednesday. The company has a market cap of $13.68 billion, a P/E ratio of 5.35, a PEG ratio of 1.25 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $329.57. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The firm’s 50 day moving average price is $303.24 and its 200 day moving average price is $297.63.

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

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Monday, June 15th. RenaissanceRe’s dividend payout ratio (DPR) 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.