Capricorn Fund Managers Ltd Purchases New Position in RenaissanceRe Holdings Ltd. $RNR

Capricorn Fund Managers Ltd purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the first quarter, Holdings Channel.com reports. The firm purchased 9,774 shares of the insurance provider’s stock, valued at approximately $2,905,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RNR. Lightrock Netherlands B.V. raised its stake in shares of RenaissanceRe by 4,690.1% in the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after purchasing an additional 996,266 shares during the last quarter. Orbis Allan Gray Ltd purchased a new position in shares of RenaissanceRe during the fourth quarter valued at approximately $178,519,000. Norges Bank bought a new stake in RenaissanceRe during the fourth quarter worth $168,582,000. Egerton Capital UK LLP bought a new stake in RenaissanceRe during the fourth quarter worth $137,944,000. Finally, GQG Partners LLC purchased a new stake in RenaissanceRe in the 4th quarter valued at $108,780,000. 99.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on RNR. Bank of America dropped their price objective on RenaissanceRe to $426.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Barclays reduced their target price on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 29th. Wall Street Zen downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Weiss Ratings raised shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, June 25th. Finally, UBS Group boosted their price target on shares of RenaissanceRe from $319.00 to $326.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Five investment 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. Based on data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and a consensus target price of $323.64.

RenaissanceRe Stock Performance

Shares of RNR opened at $316.41 on Wednesday. The stock has a 50 day moving average of $299.09 and a 200 day moving average of $293.21. The company has a market capitalization of $13.49 billion, a price-to-earnings ratio of 5.27, a PEG ratio of 1.22 and a beta of 0.18. RenaissanceRe Holdings Ltd. has a 12 month low of $231.17 and a 12 month high of $325.39. 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 (NYSE:RNR) last posted its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. The business 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, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current year.

RenaissanceRe Announces Dividend

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

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.