Corient Private Wealth LP Makes New $2.31 Million Investment in RenaissanceRe Holdings Ltd. $RNR

Corient Private Wealth LP bought a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 15,250 shares of the insurance provider’s stock, valued at approximately $2,305,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Candriam S.C.A. acquired a new position in RenaissanceRe during the first quarter worth $6,202,000. Delta Global Management LP purchased a new stake in RenaissanceRe during the first quarter worth $1,754,000. Quantedge Capital Pte Ltd grew its holdings in RenaissanceRe by 422.7% in the first quarter. Quantedge Capital Pte Ltd now owns 11,500 shares of the insurance provider’s stock valued at $3,418,000 after purchasing an additional 9,300 shares during the last quarter. Lightrock Netherlands B.V. grew its holdings in RenaissanceRe by 15.8% in the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock valued at $350,263,000 after purchasing an additional 160,915 shares during the last quarter. Finally, UBS Group AG increased its position in shares of RenaissanceRe by 41.8% in the fourth quarter. UBS Group AG now owns 136,696 shares of the insurance provider’s stock valued at $38,433,000 after buying an additional 40,273 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on RNR. Barclays raised their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and increased their price target for the company from $335.00 to $345.00 in a research report on Wednesday, June 10th. Weiss Ratings cut shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, August 17th. Mizuho lifted their price objective on RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a research report on Thursday, July 9th. Finally, Bank of America upped their target price on RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $336.33.

RenaissanceRe Price Performance

RenaissanceRe stock opened at $331.37 on Thursday. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $335.97. The stock has a market capitalization of $13.77 billion, a P/E ratio of 5.69, a P/E/G ratio of 1.20 and a beta of 0.17. The firm’s 50-day moving average is $322.21 and its two-hundred day moving average is $307.02. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The business had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. Equities analysts predict that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 15th. RenaissanceRe’s payout ratio is presently 2.81%.

Insider Buying and Selling

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the transaction, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

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.