KLP Kapitalforvaltning AS Acquires 2,700 Shares of RenaissanceRe Holdings Ltd. $RNR

KLP Kapitalforvaltning AS boosted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 22.7% during the third quarter, Holdings Channel.com reports. The institutional investor owned 14,600 shares of the insurance provider’s stock after acquiring an additional 2,700 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in RenaissanceRe were worth $3,707,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in RNR. Exchange Traded Concepts LLC boosted its stake in shares of RenaissanceRe by 1.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 3,355 shares of the insurance provider’s stock worth $852,000 after acquiring an additional 40 shares during the period. Advisors Asset Management Inc. lifted its holdings in RenaissanceRe by 10.5% during the 1st quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock valued at $106,000 after purchasing an additional 42 shares during the last quarter. Benedict Financial Advisors Inc. boosted its position in RenaissanceRe by 0.3% during the second quarter. Benedict Financial Advisors Inc. now owns 12,577 shares of the insurance provider’s stock worth $3,055,000 after purchasing an additional 42 shares during the period. Miracle Mile Advisors LLC increased its holdings in shares of RenaissanceRe by 3.8% in the third quarter. Miracle Mile Advisors LLC now owns 1,257 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 46 shares during the last quarter. Finally, Rossby Financial LCC increased its holdings in shares of RenaissanceRe by 6.2% in the second quarter. Rossby Financial LCC now owns 845 shares of the insurance provider’s stock valued at $205,000 after purchasing an additional 49 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Down 2.4%

NYSE RNR opened at $272.86 on Friday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $285.26. The company has a 50 day moving average of $269.55 and a 200-day moving average of $253.51. The company has a market cap of $12.58 billion, a price-to-earnings ratio of 7.58, a PEG ratio of 6.64 and a beta of 0.26.

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

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, December 15th. RenaissanceRe’s dividend payout ratio is 4.45%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on RNR shares. TD Cowen raised their target price on shares of RenaissanceRe from $278.00 to $280.00 and gave the stock a “hold” rating in a research note on Thursday. Wells Fargo & Company increased their price target on shares of RenaissanceRe from $278.00 to $285.00 and gave the company an “equal weight” rating in a report on Thursday, October 30th. The Goldman Sachs Group restated a “sell” rating and set a $267.00 price objective on shares of RenaissanceRe in a report on Wednesday. Evercore ISI increased their target price on RenaissanceRe from $250.00 to $283.00 and gave the stock an “in-line” rating in a research note on Wednesday. Finally, Morgan Stanley reissued an “overweight” rating and set a $300.00 price target on shares of RenaissanceRe in a report on Tuesday, December 16th. Five equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $295.67.

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.