Martingale Asset Management L P Acquires 10,345 Shares of RenaissanceRe Holdings Ltd. $RNR

Martingale Asset Management L P boosted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 28.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,736 shares of the insurance provider’s stock after purchasing an additional 10,345 shares during the period. Martingale Asset Management L P’s holdings in RenaissanceRe were worth $13,140,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Wells Fargo & Company MN lifted its stake in RenaissanceRe by 2.2% during the fourth quarter. Wells Fargo & Company MN now owns 74,544 shares of the insurance provider’s stock worth $20,959,000 after purchasing an additional 1,629 shares during the last quarter. Quadrant Capital Group LLC lifted its stake in RenaissanceRe by 52.2% during the fourth quarter. Quadrant Capital Group LLC now owns 4,392 shares of the insurance provider’s stock worth $1,235,000 after purchasing an additional 1,506 shares during the last quarter. Federation des caisses Desjardins du Quebec lifted its stake in RenaissanceRe by 11.4% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 3,791 shares of the insurance provider’s stock worth $1,066,000 after purchasing an additional 387 shares during the last quarter. Brooklyn Investment Group bought a new stake in RenaissanceRe during the fourth quarter worth $291,000. Finally, Hilton Capital Management LLC lifted its stake in RenaissanceRe by 10.9% during the fourth quarter. Hilton Capital Management LLC now owns 10,747 shares of the insurance provider’s stock worth $3,022,000 after purchasing an additional 1,055 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Stock Up 0.8%

Shares of NYSE:RNR opened at $300.49 on Friday. The company has a fifty day moving average of $299.00 and a 200-day moving average of $289.32. The company has a market capitalization of $12.81 billion, a PE ratio of 5.01, a price-to-earnings-growth ratio of 1.12 and a beta of 0.18. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $318.20.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The company had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. On average, equities analysts predict that RenaissanceRe Holdings Ltd. will post 40.05 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.41 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s payout ratio is currently 2.73%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on RNR shares. Morgan Stanley cut RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 target price for the company. in a research note on Thursday, February 26th. Mizuho set a $325.00 target price on RenaissanceRe in a research note on Monday, May 4th. TD Cowen upped their price target on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, February 26th. Weiss Ratings downgraded shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday. Finally, Barclays lowered their price target on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating for the company in a report on Wednesday, April 29th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $323.64.

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.