Lighthouse Investment Partners LLC Has $28.76 Million Stock Holdings in RenaissanceRe Holdings Ltd. $RNR

Lighthouse Investment Partners LLC boosted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 514.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 113,256 shares of the insurance provider’s stock after acquiring an additional 94,820 shares during the period. RenaissanceRe accounts for about 0.9% of Lighthouse Investment Partners LLC’s investment portfolio, making the stock its 4th largest position. Lighthouse Investment Partners LLC owned about 0.25% of RenaissanceRe worth $28,759,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Financial Consulate Inc. purchased a new stake in shares of RenaissanceRe in the third quarter worth $29,000. Farther Finance Advisors LLC raised its position in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 79 shares during the period. Root Financial Partners LLC purchased a new position in shares of RenaissanceRe during the 3rd quarter valued at $36,000. Mather Group LLC. bought a new position in RenaissanceRe in the 3rd quarter worth $52,000. Finally, Smartleaf Asset Management LLC boosted its holdings in RenaissanceRe by 191.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 248 shares of the insurance provider’s stock worth $62,000 after buying an additional 163 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. JPMorgan Chase & Co. raised their price target on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a report on Wednesday, January 7th. Zacks Research lowered RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. TD Cowen increased their target price on RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a research report on Thursday, February 26th. Wells Fargo & Company lifted their target price on RenaissanceRe from $281.00 to $306.00 and gave the company an “equal weight” rating in a research note on Thursday, February 5th. Finally, Cantor Fitzgerald boosted their price target on RenaissanceRe from $252.00 to $282.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $310.27.

RenaissanceRe Stock Up 0.9%

RNR opened at $294.10 on Monday. The company has a market capitalization of $12.79 billion, a PE ratio of 5.19, a price-to-earnings-growth ratio of 0.68 and a beta of 0.21. The firm has a 50-day simple moving average of $289.11 and a two-hundred day simple moving average of $269.34. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $315.88.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the firm posted $8.06 earnings per share. The business’s revenue was up 29.6% compared to the same quarter last year. Analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s dividend payout ratio is presently 2.89%.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the transaction, the executive vice president directly owned 73,023 shares in the company, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is owned by company insiders.

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.