Healthcare of Ontario Pension Plan Trust Fund Acquires New Shares in RenaissanceRe Holdings Ltd. $RNR

Healthcare of Ontario Pension Plan Trust Fund acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the first quarter, Holdings Channel.com reports. The institutional investor acquired 34,000 shares of the insurance provider’s stock, valued at approximately $10,106,000.

Several other hedge funds have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in 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 buying an additional 2,737 shares in the last quarter. Millennium Management LLC bought a new stake in shares of RenaissanceRe during the 1st quarter worth about $15,289,000. Jones Financial Companies Lllp increased its holdings in shares of 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 acquiring an additional 1,215 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of RenaissanceRe by 72.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock valued at $13,725,000 after acquiring an additional 24,027 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of RenaissanceRe by 18.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock valued at $107,000 after acquiring an additional 69 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Trading Up 1.8%

Shares of RenaissanceRe stock opened at $334.63 on Wednesday. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $335.88. The company’s fifty day simple moving average is $306.36 and its 200-day simple moving average is $299.40. The company has a market cap of $13.90 billion, a price-to-earnings ratio of 5.74, a PEG ratio of 1.24 and a beta of 0.17. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, beating the consensus estimate of $11.72 by $1.20. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The firm had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.57 billion. During the same period in the prior year, the company earned $12.29 EPS. As a group, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 41.08 EPS for the current year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.41 per share. The ex-dividend date was Monday, June 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s payout ratio is presently 2.81%.

Wall Street Analyst Weigh In

RNR has been the subject of several analyst reports. Wells Fargo & Company boosted their target price on RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Bank of America lifted their price target on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Wall Street Zen lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of RenaissanceRe in a report on Thursday, July 23rd. Finally, Weiss Ratings upgraded shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, June 25th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $336.33.

Insider Activity at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the sale, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

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.