Man Group plc Buys New Shares in RenaissanceRe Holdings Ltd. $RNR

Man Group plc bought a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, Holdings Channel.com reports. The firm bought 5,662 shares of the insurance provider’s stock, valued at approximately $1,794,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kingdom Financial Group LLC. purchased a new stake in RenaissanceRe during the 4th quarter valued at about $36,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of RenaissanceRe in the second quarter worth about $42,000. Quarry LP raised its stake in shares of RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of RenaissanceRe by 235.0% during the third 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 during the period. Finally, Mcguire Capital Advisors Inc. acquired a new stake in shares of RenaissanceRe during the fourth quarter worth about $38,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the transaction, the executive vice president owned 72,907 shares of the company’s stock, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on RNR. Keefe, Bruyette & Woods increased their price target on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a “market perform” rating in a report on Monday, July 27th. Barclays upped their price objective on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Citigroup raised shares of RenaissanceRe from a “neutral” rating to a “buy” rating and raised their target price for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Wells Fargo & Company boosted their target price on shares of RenaissanceRe from $306.00 to $329.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Finally, Weiss Ratings lowered shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, August 17th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $336.33.

RenaissanceRe Trading Up 0.5%

Shares of NYSE:RNR opened at $329.30 on Wednesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $335.97. The business has a 50 day moving average of $321.79 and a two-hundred day moving average of $306.88. The company has a market capitalization of $13.68 billion, a PE ratio of 5.65, a PEG ratio of 1.19 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The firm had revenue of $2.77 billion during the quarter. As a group, analysts forecast that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.81%.

About RenaissanceRe

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.