Canada Pension Plan Investment Board Invests $7.46 Million in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Canada Pension Plan Investment Board bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNRFree Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 37,700 shares of the insurance provider’s stock, valued at approximately $7,462,000. Canada Pension Plan Investment Board owned approximately 0.07% of RenaissanceRe as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in RNR. Robeco Institutional Asset Management B.V. acquired a new position in RenaissanceRe in the 2nd quarter valued at about $26,000. Financial Management Professionals Inc. boosted its holdings in RenaissanceRe by 4,833.3% in the 3rd quarter. Financial Management Professionals Inc. now owns 148 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 145 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in RenaissanceRe by 205.9% in the 2nd quarter. First Horizon Advisors Inc. now owns 156 shares of the insurance provider’s stock valued at $29,000 after purchasing an additional 105 shares in the last quarter. Quarry LP purchased a new stake in RenaissanceRe in the 1st quarter valued at approximately $32,000. Finally, National Bank of Canada FI purchased a new stake in RenaissanceRe in the 2nd quarter valued at approximately $34,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $209.05, for a total transaction of $209,050.00. Following the completion of the sale, the executive vice president now directly owns 80,449 shares in the company, valued at approximately $16,817,863.45. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $209.05, for a total transaction of $209,050.00. Following the completion of the sale, the executive vice president now directly owns 80,449 shares in the company, valued at approximately $16,817,863.45. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the sale, the chief financial officer now owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The disclosure for this sale can be found here. In the last three months, insiders sold 4,250 shares of company stock worth $967,200. Insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RNR. Evercore ISI began coverage on RenaissanceRe in a research note on Thursday, December 14th. They set an “underperform” rating and a $200.00 price target on the stock. BMO Capital Markets boosted their price target on RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. TheStreet raised RenaissanceRe from a “c” rating to a “b-” rating in a research note on Monday, October 30th. Citigroup began coverage on RenaissanceRe in a research note on Wednesday, November 22nd. They set a “buy” rating and a $251.00 price target on the stock. Finally, TD Cowen initiated coverage on RenaissanceRe in a research note on Wednesday, January 10th. They set a “market perform” rating on the stock. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $240.90.

View Our Latest Report on RenaissanceRe

RenaissanceRe Price Performance

RNR stock opened at $226.25 on Tuesday. RenaissanceRe Holdings Ltd. has a 1 year low of $174.22 and a 1 year high of $235.14. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.45 and a current ratio of 1.40. The stock’s 50 day moving average price is $206.99 and its 200 day moving average price is $203.50. The firm has a market cap of $11.58 billion, a P/E ratio of 4.42, a PEG ratio of 2.53 and a beta of 0.31.

RenaissanceRe (NYSE:RNRGet Free Report) last issued its quarterly earnings results on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share for the quarter, beating the consensus estimate of $8.13 by $3.64. The company had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.83 billion. RenaissanceRe had a return on equity of 26.93% and a net margin of 28.04%. RenaissanceRe’s revenue was up 17.9% on a year-over-year basis. During the same period in the previous year, the firm posted $7.33 EPS. On average, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 34.17 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be issued a $0.39 dividend. The ex-dividend date is Thursday, March 14th. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.38. This represents a $1.56 annualized dividend and a yield of 0.69%. RenaissanceRe’s payout ratio is 2.97%.

RenaissanceRe Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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