Fulton Bank N.A. Takes $232,000 Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Fulton Bank N.A. acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNRGet Rating) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 1,484 shares of the insurance provider’s stock, valued at approximately $232,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Koshinski Asset Management Inc. lifted its stake in shares of RenaissanceRe by 41.8% in the 1st quarter. Koshinski Asset Management Inc. now owns 312 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 92 shares during the period. abrdn plc lifted its stake in shares of RenaissanceRe by 1.9% in the 4th quarter. abrdn plc now owns 6,295 shares of the insurance provider’s stock valued at $1,066,000 after purchasing an additional 120 shares during the period. Toth Financial Advisory Corp lifted its stake in shares of RenaissanceRe by 83.3% in the 1st quarter. Toth Financial Advisory Corp now owns 484 shares of the insurance provider’s stock valued at $77,000 after purchasing an additional 220 shares during the period. Park Avenue Securities LLC lifted its stake in shares of RenaissanceRe by 11.4% in the 1st quarter. Park Avenue Securities LLC now owns 2,354 shares of the insurance provider’s stock valued at $373,000 after purchasing an additional 241 shares during the period. Finally, Teacher Retirement System of Texas increased its position in RenaissanceRe by 2.7% in the 1st quarter. Teacher Retirement System of Texas now owns 9,416 shares of the insurance provider’s stock valued at $1,493,000 after buying an additional 245 shares in the last quarter. 94.94% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RNR. Jefferies Financial Group lowered RenaissanceRe from a “buy” rating to a “hold” rating and decreased their target price for the company from $173.00 to $162.00 in a research report on Tuesday, July 12th. Morgan Stanley decreased their target price on RenaissanceRe from $162.00 to $150.00 and set an “equal weight” rating for the company in a research report on Friday, August 19th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average price target of $176.67.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $150.12 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.23. The business has a 50-day simple moving average of $137.02 and a 200 day simple moving average of $145.95. RenaissanceRe Holdings Ltd. has a one year low of $124.18 and a one year high of $174.54.

RenaissanceRe (NYSE:RNRGet Rating) last issued its quarterly earnings data on Monday, July 25th. The insurance provider reported $5.51 EPS for the quarter, topping analysts’ consensus estimates of $5.11 by $0.40. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.73 billion. RenaissanceRe had a positive return on equity of 3.88% and a negative net margin of 19.70%. The company’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same period in the previous year, the company posted $5.64 EPS. As a group, analysts anticipate that RenaissanceRe Holdings Ltd. will post 14.44 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 0.99%. The ex-dividend date of this dividend is Wednesday, September 14th. RenaissanceRe’s dividend payout ratio is currently -6.81%.

Insiders Place Their Bets

In related news, Director Brian Gerald John Gray acquired 7,500 shares of the firm’s stock in a transaction on Wednesday, August 10th. The stock was purchased at an average cost of $130.62 per share, with a total value of $979,650.00. Following the acquisition, the director now owns 23,621 shares of the company’s stock, valued at approximately $3,085,375.02. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.70% of the company’s stock.

RenaissanceRe Profile

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RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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.

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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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