Pacer Advisors Inc. Grows Position in RenaissanceRe Holdings Ltd. $RNR

Pacer Advisors Inc. boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 355.6% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,295 shares of the insurance provider’s stock after buying an additional 7,255 shares during the period. Pacer Advisors Inc.’s holdings in RenaissanceRe were worth $2,360,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in RNR. Norges Bank acquired a new stake in RenaissanceRe in the 2nd quarter valued at approximately $139,543,000. JPMorgan Chase & Co. grew its stake in shares of RenaissanceRe by 152.5% in the second quarter. JPMorgan Chase & Co. now owns 239,330 shares of the insurance provider’s stock valued at $58,136,000 after buying an additional 144,547 shares in the last quarter. Impax Asset Management Group plc lifted its stake in RenaissanceRe by 11.2% during the 2nd quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock worth $295,494,000 after acquiring an additional 122,732 shares in the last quarter. Bank of America Corp DE grew its position in RenaissanceRe by 17.6% in the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after acquiring an additional 120,063 shares in the last quarter. Finally, Great Lakes Advisors LLC boosted its stake in shares of RenaissanceRe by 49.3% in the first quarter. Great Lakes Advisors LLC now owns 326,480 shares of the insurance provider’s stock valued at $78,355,000 after purchasing an additional 107,745 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. The Goldman Sachs Group initiated coverage on RenaissanceRe in a research report on Tuesday, October 14th. They set a “sell” rating and a $256.00 price objective on the stock. Weiss Ratings restated a “buy (b)” rating on shares of RenaissanceRe in a report on Monday. UBS Group boosted their price objective on RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 8th. Cowen reaffirmed a “hold” rating on shares of RenaissanceRe in a report on Tuesday, October 7th. Finally, Mizuho started coverage on shares of RenaissanceRe in a report on Monday, December 15th. They set a “neutral” rating and a $281.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and an average price target of $286.29.

RenaissanceRe Trading Up 0.0%

Shares of RenaissanceRe stock opened at $283.89 on Wednesday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. The company has a fifty day simple moving average of $264.52 and a 200-day simple moving average of $251.87. The stock has a market cap of $13.09 billion, a price-to-earnings ratio of 7.89, a PEG ratio of 1.67 and a beta of 0.26. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $285.26.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. The firm had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $1.97 billion. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. RenaissanceRe’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same period in the previous year, the company earned $10.23 earnings per share. On average, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, December 15th. RenaissanceRe’s dividend payout ratio (DPR) is currently 4.45%.

About RenaissanceRe

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.