Deutsche Bank AG Takes $2.24 Million Position in RenaissanceRe Holdings Ltd. $RNR

Deutsche Bank AG acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 7,075 shares of the insurance provider’s stock, valued at approximately $2,242,000.

A number of other hedge funds have also modified their holdings of the stock. Orbis Allan Gray Ltd purchased a new stake in shares of RenaissanceRe during the fourth quarter valued at $178,519,000. Norges Bank purchased a new position in RenaissanceRe in the 4th quarter worth about $168,582,000. Egerton Capital UK LLP purchased a new stake in RenaissanceRe during the fourth quarter valued at about $137,944,000. GQG Partners LLC acquired a new position in shares of RenaissanceRe in the fourth quarter worth about $108,780,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of RenaissanceRe in the second quarter worth about $116,717,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction on 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 transaction, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and boosted their price target for the company from $335.00 to $345.00 in a report on Wednesday, June 10th. Wall Street Zen lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Barclays boosted their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Mizuho increased their target price on RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Finally, Wolfe Research set a $315.00 target price on RenaissanceRe in a research report on Tuesday, July 7th. Five 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. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $336.33.

RenaissanceRe Stock Down 0.5%

Shares of RenaissanceRe stock opened at $330.02 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market cap of $13.71 billion, a price-to-earnings ratio of 5.66, a P/E/G ratio of 1.21 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $335.97. The stock has a 50-day simple moving average of $320.23 and a 200-day simple moving average of $306.18.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The company had revenue of $2.77 billion for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. On average, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

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

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.