Goldman Sachs Group Inc. Raises Stock Holdings in RenaissanceRe Holdings Ltd. $RNR

Goldman Sachs Group Inc. increased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 80.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 324,650 shares of the insurance provider’s stock after purchasing an additional 144,743 shares during the period. Goldman Sachs Group Inc.’s holdings in RenaissanceRe were worth $91,279,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Impact Partnership Wealth LLC grew its stake in RenaissanceRe by 23.2% in the fourth quarter. Impact Partnership Wealth LLC now owns 2,641 shares of the insurance provider’s stock worth $743,000 after purchasing an additional 498 shares during the period. Norges Bank purchased a new stake in RenaissanceRe in the fourth quarter worth $168,582,000. Hillsdale Investment Management Inc. purchased a new stake in RenaissanceRe in the fourth quarter worth $4,105,000. Fideuram Asset Management Ireland dac purchased a new stake in RenaissanceRe in the fourth quarter worth $238,000. Finally, Rothschild Investment LLC grew its stake in RenaissanceRe by 22.7% in the fourth quarter. Rothschild Investment LLC now owns 637 shares of the insurance provider’s stock worth $179,000 after purchasing an additional 118 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RNR shares. Cantor Fitzgerald raised RenaissanceRe from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $306.00 to $340.00 in a research note on Thursday, April 9th. Morgan Stanley downgraded RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 target price on the stock. in a report on Thursday, February 26th. Wells Fargo & Company boosted their target price on RenaissanceRe from $305.00 to $306.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Keefe, Bruyette & Woods boosted their target price on RenaissanceRe from $323.00 to $327.00 and gave the stock a “market perform” rating in a report on Tuesday, April 7th. Finally, Wall Street Zen downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Four research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $322.93.

RenaissanceRe Trading Up 0.5%

Shares of NYSE:RNR opened at $283.56 on Wednesday. The company has a market cap of $12.09 billion, a P/E ratio of 4.73, a PEG ratio of 0.78 and a beta of 0.18. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $318.20. The stock’s fifty day moving average price is $298.86 and its 200-day moving average price is $288.70.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The firm 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%. Sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 40.02 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 15th. RenaissanceRe’s dividend 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.