Geode Capital Management LLC Has $245.81 Million Stock Position in RenaissanceRe Holdings Ltd. $RNR

Geode Capital Management LLC lowered its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 874,098 shares of the insurance provider’s stock after selling 6,786 shares during the quarter. Geode Capital Management LLC’s holdings in RenaissanceRe were worth $245,812,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in RNR. Lightrock Netherlands B.V. increased its stake in 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 valued at $286,083,000 after purchasing an additional 996,266 shares in the last quarter. M&T Bank Corp increased its stake in RenaissanceRe by 8,296.5% in the fourth quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock valued at $81,635,000 after purchasing an additional 286,894 shares in the last quarter. AQR Capital Management LLC increased its stake in RenaissanceRe by 154.5% in the third quarter. AQR Capital Management LLC now owns 397,027 shares of the insurance provider’s stock valued at $99,769,000 after purchasing an additional 241,001 shares in the last quarter. Millennium Management LLC increased its stake in RenaissanceRe by 347.6% in the third quarter. Millennium Management LLC now owns 236,919 shares of the insurance provider’s stock valued at $60,161,000 after purchasing an additional 183,988 shares in the last quarter. Finally, Two Sigma Investments LP increased its stake in RenaissanceRe by 330.0% in the third quarter. Two Sigma Investments LP now owns 174,368 shares of the insurance provider’s stock valued at $44,277,000 after purchasing an additional 133,820 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on RNR. Wall Street Zen downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Cantor Fitzgerald raised shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and upped their target price for the company from $306.00 to $340.00 in a research note on Thursday, April 9th. Bank of America lowered their target price on shares of RenaissanceRe to $426.00 and set a “buy” rating for the company in a research note on Tuesday, April 14th. Keefe, Bruyette & Woods upped their price target on shares of RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a report on Tuesday, April 7th. Finally, TD Cowen upped their price target on shares of RenaissanceRe from $280.00 to $290.00 and gave the company a “hold” rating in a report on Thursday, February 26th. Four research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and an average price target of $322.93.

RenaissanceRe Stock Performance

Shares of RNR opened at $278.14 on Wednesday. RenaissanceRe Holdings Ltd. has a 12 month low of $231.17 and a 12 month high of $318.20. The firm has a fifty day simple moving average of $300.23 and a 200 day simple moving average of $287.97. The stock has a market capitalization of $11.86 billion, a price-to-earnings ratio of 4.64, a PEG ratio of 0.76 and a beta of 0.18. 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 announced its 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 business had revenue of $2.19 billion during the quarter. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 40.02 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.41 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s dividend payout ratio (DPR) is currently 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.