Norges Bank Invests $133.20 Million in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Norges Bank purchased a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 679,570 shares of the insurance provider’s stock, valued at approximately $133,196,000. Norges Bank owned about 1.33% of RenaissanceRe at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC bought a new position in shares of RenaissanceRe in the 4th quarter worth $37,000. Bruce G. Allen Investments LLC bought a new position in shares of RenaissanceRe during the 4th quarter valued at $38,000. Daiwa Securities Group Inc. bought a new position in shares of RenaissanceRe during the 4th quarter valued at $39,000. VisionPoint Advisory Group LLC bought a new position in shares of RenaissanceRe during the 3rd quarter valued at $57,000. Finally, Pacific Capital Wealth Advisors Inc. bought a new position in shares of RenaissanceRe during the 4th quarter valued at $60,000. Institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

RNR has been the topic of several recent research reports. UBS Group increased their target price on shares of RenaissanceRe from $229.00 to $238.00 and gave the company a “neutral” rating in a report on Monday, February 5th. BMO Capital Markets increased their target price on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an “outperform” rating in a report on Monday, February 5th. JPMorgan Chase & Co. raised their price target on shares of RenaissanceRe from $237.00 to $245.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Finally, Evercore ISI raised their price target on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $249.00.

RenaissanceRe Trading Down 1.6 %

NYSE:RNR opened at $227.27 on Friday. The company has a 50-day moving average price of $225.64 and a 200-day moving average price of $217.36. RenaissanceRe Holdings Ltd. has a 12 month low of $174.22 and a 12 month high of $239.42. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.21. The stock has a market cap of $12.02 billion, a price-to-earnings ratio of 5.02, a P/E/G ratio of 1.55 and a beta of 0.31.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, topping the consensus estimate of $9.86 by $2.32. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. The firm had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same period last year, the company posted $8.16 EPS. The company’s quarterly revenue was up 41.3% compared to the same quarter last year. Equities analysts predict that RenaissanceRe Holdings Ltd. will post 36.88 EPS for the current year.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, June 14th. This represents a $1.56 dividend on an annualized basis and a yield of 0.69%. RenaissanceRe’s dividend payout ratio (DPR) is currently 3.45%.

About RenaissanceRe

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.