Bessemer Group Inc. Acquires 2,424 Shares of RenaissanceRe Holdings Ltd. $RNR

Bessemer Group Inc. boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 207.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,590 shares of the insurance provider’s stock after buying an additional 2,424 shares during the period. Bessemer Group Inc.’s holdings in RenaissanceRe were worth $912,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of RenaissanceRe by 39.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock valued at $2,325,000 after acquiring an additional 2,737 shares in the last quarter. Millennium Management LLC bought a new stake in RenaissanceRe during the 1st quarter valued at about $15,289,000. Jones Financial Companies Lllp increased its stake in RenaissanceRe by 900.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock valued at $324,000 after purchasing an additional 1,215 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in RenaissanceRe by 72.5% in the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock worth $13,725,000 after buying an additional 24,027 shares during the last quarter. Finally, IFP Advisors Inc lifted its stake in shares of RenaissanceRe by 160.0% in the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after buying an additional 72 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

Insider Activity at RenaissanceRe

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

Analysts Set New Price Targets

RNR has been the subject of a number of research analyst reports. Citigroup lowered RenaissanceRe from a “buy” rating to a “neutral” rating and set a $328.00 target price for the company. in a report on Monday. Mizuho increased their price objective on RenaissanceRe from $277.00 to $313.00 and gave the company a “neutral” rating in a research report on Friday. The Goldman Sachs Group reissued a “sell” rating and issued a $267.00 target price on shares of RenaissanceRe in a research report on Wednesday, January 7th. Zacks Research cut shares of RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $310.00 price target on shares of RenaissanceRe in a report on Friday. Four equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $309.27.

RenaissanceRe Stock Down 3.9%

NYSE RNR opened at $288.92 on Tuesday. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $310.80. The company has a quick ratio of 1.40, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $13.32 billion, a P/E ratio of 5.10, a price-to-earnings-growth ratio of 0.74 and a beta of 0.24. The stock’s 50-day moving average price is $276.62 and its 200-day moving average price is $259.71.

RenaissanceRe (NYSE:RNR) last released 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 net margin of 20.88% and a return on equity of 18.29%. The company had revenue of $2.97 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the firm posted $8.06 EPS. The firm’s quarterly revenue was up 29.6% compared to the same quarter last year. On average, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe 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.