RenaissanceRe Holdings Ltd. $RNR Position Boosted by Davis Selected Advisers

Davis Selected Advisers increased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 60.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 229,739 shares of the insurance provider’s stock after purchasing an additional 86,594 shares during the quarter. Davis Selected Advisers’ holdings in RenaissanceRe were worth $64,593,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of RenaissanceRe by 39.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock valued at $2,325,000 after purchasing an additional 2,737 shares during the period. Millennium Management LLC acquired a new position in shares of RenaissanceRe during the 1st quarter valued at $15,289,000. Jones Financial Companies Lllp increased its position in shares of RenaissanceRe by 900.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock valued at $324,000 after purchasing an additional 1,215 shares during the period. Goldman Sachs Group Inc. increased its position in shares of RenaissanceRe by 72.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock valued at $13,725,000 after purchasing an additional 24,027 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of RenaissanceRe by 18.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock worth $107,000 after acquiring an additional 69 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president directly owned 73,023 shares in the company, valued at $22,326,782.25. This trade represents a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

RenaissanceRe Price Performance

RNR opened at $298.83 on Friday. The stock has a market cap of $12.74 billion, a price-to-earnings ratio of 4.98, a PEG ratio of 0.84 and a beta of 0.23. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $318.20. The company has a current ratio of 1.37, a quick ratio of 1.43 and a debt-to-equity ratio of 0.22. The stock has a fifty day moving average price of $301.47 and a 200 day moving average price of $281.90.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, April 28th. The insurance provider reported $13.75 earnings per share for the quarter, beating the consensus estimate of $11.07 by $2.68. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The company had revenue of $2.19 billion for the quarter, compared to analyst estimates of $2.84 billion. During the same period last year, the company earned ($1.49) earnings per share. The business’s revenue was down 36.8% compared to the same quarter last year. Analysts forecast that RenaissanceRe Holdings Ltd. will post 38.28 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 0.5%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, March 13th. RenaissanceRe’s dividend payout ratio is 2.89%.

Wall Street Analysts Forecast Growth

RNR has been the subject of several analyst reports. Cantor Fitzgerald raised 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 report on Thursday, April 9th. Keefe, Bruyette & Woods lifted their price objective on RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a research report on Tuesday, April 7th. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research report on Wednesday, January 7th. Evercore set a $309.00 price objective on RenaissanceRe in a research report on Thursday, April 9th. Finally, Wells Fargo & Company lifted their price objective on RenaissanceRe from $305.00 to $306.00 and gave the company an “equal weight” rating in a research report on Thursday. Four analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, RenaissanceRe has an average rating of “Hold” and a consensus target price of $321.93.

RenaissanceRe Profile

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.