Panagora Asset Management Inc. Purchases New Stake in RenaissanceRe Holdings Ltd. $RNR

Panagora Asset Management Inc. purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 89,839 shares of the insurance provider’s stock, valued at approximately $25,259,000. Panagora Asset Management Inc. owned approximately 0.21% of RenaissanceRe at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in RNR. Capital World Investors raised its holdings in shares of RenaissanceRe by 0.3% during the third quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider’s stock worth $672,792,000 after purchasing an additional 7,839 shares during the period. Boston Partners raised its holdings in shares of RenaissanceRe by 9.9% during the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock worth $400,150,000 after purchasing an additional 128,245 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of RenaissanceRe by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,033,009 shares of the insurance provider’s stock worth $290,450,000 after purchasing an additional 31,599 shares during the period. Lightrock Netherlands B.V. raised its holdings in shares of RenaissanceRe by 4,690.1% during the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after purchasing an additional 996,266 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of RenaissanceRe by 17.6% during the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after purchasing an additional 120,063 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Down 1.1%

RNR stock opened at $297.53 on Tuesday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $318.20. The firm’s 50-day simple moving average is $298.95 and its 200 day simple moving average is $289.81. The stock has a market cap of $12.68 billion, a PE ratio of 4.96, a price-to-earnings-growth ratio of 1.13 and a beta of 0.19.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share 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 for the quarter. As a group, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 40.05 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, June 15th. RenaissanceRe’s dividend payout ratio (DPR) is 2.73%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on RNR shares. Barclays dropped their target price on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating on the stock in a report on Wednesday, April 29th. Mizuho set a $325.00 target price on shares of RenaissanceRe in a report on Monday, May 4th. UBS Group increased their target price on shares of RenaissanceRe from $319.00 to $326.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Weiss Ratings cut shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday. Finally, Wall Street Zen cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, RenaissanceRe has an average rating of “Hold” and an average price target of $323.64.

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.