Handelsbanken Fonder AB Increases Stake in RenaissanceRe Holdings Ltd. $RNR

Handelsbanken Fonder AB increased its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 27.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 15,600 shares of the insurance provider’s stock after purchasing an additional 3,400 shares during the period. Handelsbanken Fonder AB’s holdings in RenaissanceRe were worth $4,386,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in RNR. Quarry LP increased its stake in RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after buying an additional 52 shares during the period. CIBC Private Wealth Group LLC increased its stake in RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after buying an additional 94 shares during the period. Root Financial Partners LLC acquired a new position in RenaissanceRe during the 3rd quarter worth approximately $36,000. SBI Securities Co. Ltd. grew its holdings in RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 37 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in RenaissanceRe by 157.0% during the 3rd quarter. Allworth Financial LP now owns 203 shares of the insurance provider’s stock worth $52,000 after acquiring an additional 124 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Trading Down 1.7%

Shares of RenaissanceRe stock opened at $295.54 on Friday. The company has a fifty day simple moving average of $300.97 and a 200-day simple moving average of $286.86. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $318.20. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The stock has a market cap of $12.60 billion, a price-to-earnings ratio of 4.93, a PEG ratio of 0.80 and a beta of 0.22.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The business had revenue of $2.19 billion during the quarter. On average, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 39.66 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.41 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.6%. RenaissanceRe’s dividend payout ratio is presently 2.73%.

Analysts Set New Price Targets

Several research firms have commented on RNR. Wall Street Zen cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Wells Fargo & Company boosted their price target on shares of RenaissanceRe from $305.00 to $306.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Cantor Fitzgerald upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $306.00 to $340.00 in a report on Thursday, April 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a report on Friday, March 27th. Finally, Evercore set a $309.00 price target on shares of RenaissanceRe in a report on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $322.93.

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.