Skandinaviska Enskilda Banken AB publ Acquires 36,069 Shares of RenaissanceRe Holdings Ltd. $RNR

Skandinaviska Enskilda Banken AB publ raised its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2,472.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 37,528 shares of the insurance provider’s stock after acquiring an additional 36,069 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in RenaissanceRe were worth $9,529,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hantz Financial Services Inc. boosted its holdings in RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after buying an additional 99 shares during the period. IFP Advisors Inc lifted its position in shares of RenaissanceRe by 160.0% during the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 72 shares in the last quarter. Financial Consulate Inc. bought a new position in shares of RenaissanceRe in the third quarter worth $29,000. Huntington National Bank grew its position in shares of RenaissanceRe by 80.9% in the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 55 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 79 shares during the period. Institutional investors own 99.97% of the company’s stock.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.30% of the company’s stock.

RenaissanceRe Trading Down 1.1%

Shares of RenaissanceRe stock opened at $303.73 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $315.88. The firm has a market cap of $13.21 billion, a PE ratio of 5.36, a PEG ratio of 0.75 and a beta of 0.24. The company has a 50 day simple moving average of $281.95 and a two-hundred day simple moving average of $262.50.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating 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 firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the company posted $8.06 EPS. The business’s quarterly revenue was up 29.6% on a year-over-year basis. Analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 0.5%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, March 13th. RenaissanceRe’s dividend payout ratio is presently 2.82%.

Analysts Set New Price Targets

RNR has been the subject of several analyst reports. Cantor Fitzgerald raised their target price on RenaissanceRe from $252.00 to $282.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Wall Street Zen upgraded shares of RenaissanceRe from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Keefe, Bruyette & Woods boosted their price objective on shares of RenaissanceRe from $314.00 to $323.00 and gave the company a “market perform” rating in a research note on Monday, February 9th. Citigroup increased their target price on shares of RenaissanceRe from $328.00 to $333.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Morgan Stanley reissued an “overweight” rating and issued a $310.00 price target on shares of RenaissanceRe in a report on Friday, February 6th. Four analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $309.60.

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.