RenaissanceRe Holdings Ltd. $RNR Shares Bought by Prana Capital Management LP

Prana Capital Management LP raised its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 608.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,971 shares of the insurance provider’s stock after acquiring an additional 25,743 shares during the period. Prana Capital Management LP’s holdings in RenaissanceRe were worth $7,611,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in RNR. Financial Consulate Inc. acquired a new stake in RenaissanceRe in the third quarter worth $29,000. Farther Finance Advisors LLC increased its holdings in shares of RenaissanceRe by 151.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 79 shares during the period. Quarry LP lifted its position in RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 52 shares during the last quarter. Root Financial Partners LLC acquired a new position in RenaissanceRe during the 3rd quarter valued at about $36,000. Finally, Mather Group LLC. acquired a new position in RenaissanceRe during the 3rd quarter valued at about $52,000. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Up 0.4%

RNR opened at $295.31 on Wednesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market capitalization of $12.84 billion, a PE ratio of 5.21, a P/E/G ratio of 0.69 and a beta of 0.21. The stock’s fifty day moving average is $289.92 and its 200-day moving average is $270.08. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $315.88.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating the consensus estimate of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the business posted $8.06 earnings per share. The company’s quarterly revenue was up 29.6% on a year-over-year basis. On average, equities analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a dividend of $0.41 per share. The ex-dividend date is Friday, March 13th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s payout ratio is 2.89%.

Wall Street Analyst Weigh In

RNR has been the topic of several analyst reports. Mizuho raised their price target on shares of RenaissanceRe from $277.00 to $313.00 and gave the company a “neutral” rating in a research note on Friday, February 6th. Keefe, Bruyette & Woods lifted their target price on RenaissanceRe from $314.00 to $323.00 and gave the company a “market perform” rating in a research note on Monday, February 9th. TD Cowen increased their price target on RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a research note on Thursday, February 26th. UBS Group restated a “neutral” rating and set a $312.00 price objective on shares of RenaissanceRe in a research note on Monday, February 9th. Finally, Cantor Fitzgerald increased their target price on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Three analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $310.27.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the transaction, the executive vice president owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. This 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 accessible through this hyperlink. Company insiders own 2.00% of the company’s stock.

RenaissanceRe Company 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.