Norges Bank Makes New $139.54 Million Investment in RenaissanceRe Holdings Ltd. $RNR

Norges Bank purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 574,487 shares of the insurance provider’s stock, valued at approximately $139,543,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Avantax Advisory Services Inc. grew its stake in RenaissanceRe by 7.7% in the 1st quarter. Avantax Advisory Services Inc. now owns 2,589 shares of the insurance provider’s stock valued at $621,000 after buying an additional 185 shares during the last quarter. Cetera Investment Advisers boosted its holdings in RenaissanceRe by 4.0% during the first quarter. Cetera Investment Advisers now owns 4,420 shares of the insurance provider’s stock valued at $1,061,000 after acquiring an additional 171 shares during the period. LPL Financial LLC grew its position in shares of RenaissanceRe by 12.8% in the first quarter. LPL Financial LLC now owns 8,035 shares of the insurance provider’s stock valued at $1,928,000 after purchasing an additional 910 shares during the last quarter. Federated Hermes Inc. increased its stake in shares of RenaissanceRe by 34.3% in the first quarter. Federated Hermes Inc. now owns 6,033 shares of the insurance provider’s stock worth $1,448,000 after purchasing an additional 1,541 shares during the period. Finally, New Age Alpha Advisors LLC increased its stake in shares of RenaissanceRe by 35.6% in the first quarter. New Age Alpha Advisors LLC now owns 10,533 shares of the insurance provider’s stock worth $2,528,000 after purchasing an additional 2,765 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $264.64 on Wednesday. The firm has a market capitalization of $12.20 billion, a PE ratio of 7.35, a PEG ratio of 2.08 and a beta of 0.25. The company has a current ratio of 1.40, a quick ratio of 1.36 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $290.78. The business’s 50 day moving average is $257.42 and its 200-day moving average is $247.77.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, topping the consensus estimate of $9.49 by $6.13. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The firm had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period last year, the business earned $10.23 earnings per share. RenaissanceRe’s quarterly revenue was down 4.8% compared to the same quarter last year. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, December 15th. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.45%.

Wall Street Analysts Forecast Growth

RNR has been the subject of several recent analyst reports. Barclays set a $278.00 target price on RenaissanceRe in a research note on Wednesday, October 8th. Morgan Stanley upped their price target on RenaissanceRe from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Monday, November 17th. Evercore ISI set a $244.00 price objective on shares of RenaissanceRe and gave the stock an “in-line” rating in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday. Finally, Wells Fargo & Company upped their target price on shares of RenaissanceRe from $278.00 to $285.00 and gave the company an “equal weight” rating in a research note on Thursday, October 30th. Four equities research 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.com, the company currently has a consensus rating of “Hold” and a consensus target price of $284.50.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.