Great Lakes Advisors LLC Invests $87.92 Million in RenaissanceRe Holdings Ltd. $RNR

Great Lakes Advisors LLC acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 277,424 shares of the insurance provider’s stock, valued at approximately $87,916,000.

Several other hedge funds have also made changes to their positions in RNR. Belpointe Asset Management LLC increased its position in shares of RenaissanceRe by 595.0% during the fourth quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider’s stock valued at $1,729,000 after purchasing an additional 5,266 shares during the period. Horizon Investments LLC lifted its position in RenaissanceRe by 247,520.0% in the fourth quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider’s stock worth $6,962,000 after purchasing an additional 24,752 shares during the period. M&T Bank Corp boosted its stake in RenaissanceRe by 8,296.5% during the fourth quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock worth $81,635,000 after buying an additional 286,894 shares in the last quarter. Candriam S.C.A. bought a new stake in RenaissanceRe in the 1st quarter valued at $6,202,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its holdings in RenaissanceRe by 60.9% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 6,958 shares of the insurance provider’s stock valued at $1,956,000 after buying an additional 2,634 shares during the period. Institutional investors own 99.97% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Wolfe Research set a $315.00 price objective on shares of RenaissanceRe in a research note on Tuesday, July 7th. Wells Fargo & Company upped their target price on shares of RenaissanceRe from $306.00 to $329.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. increased their price target on shares of RenaissanceRe from $329.00 to $360.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Weiss Ratings lowered shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday. Finally, Evercore set a $330.00 price target on shares of RenaissanceRe in a research note on Thursday, July 23rd. 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 company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $336.33.

RenaissanceRe Stock Up 0.8%

Shares of NYSE RNR opened at $320.97 on Wednesday. The stock has a market cap of $13.34 billion, a PE ratio of 5.51, a PEG ratio of 1.18 and a beta of 0.17. The business has a fifty day moving average of $316.44 and a two-hundred day moving average of $304.46. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $335.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The business had revenue of $2.77 billion for the quarter. As a group, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 42.29 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

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

Insiders Place Their Bets

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