Lighthouse Investment Partners LLC Has $28.76 Million Position in RenaissanceRe Holdings Ltd. $RNR

Lighthouse Investment Partners LLC lifted its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 514.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 113,256 shares of the insurance provider’s stock after buying an additional 94,820 shares during the period. RenaissanceRe makes up about 0.9% of Lighthouse Investment Partners LLC’s portfolio, making the stock its 4th biggest holding. Lighthouse Investment Partners LLC’s holdings in RenaissanceRe were worth $28,759,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in RenaissanceRe by 39.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after acquiring an additional 2,737 shares in the last quarter. Millennium Management LLC purchased a new stake in RenaissanceRe during the first quarter valued at approximately $15,289,000. Jones Financial Companies Lllp lifted its stake in shares of RenaissanceRe by 900.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock valued at $324,000 after purchasing an additional 1,215 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of RenaissanceRe by 72.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock valued at $13,725,000 after purchasing an additional 24,027 shares during the last quarter. Finally, AE Wealth Management LLC boosted its holdings in shares of RenaissanceRe by 28.4% in the 2nd quarter. AE Wealth Management LLC now owns 1,371 shares of the insurance provider’s stock worth $333,000 after purchasing an additional 303 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

RNR opened at $294.10 on Monday. The business has a fifty day moving average of $289.11 and a 200 day moving average of $269.34. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $315.88. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The stock has a market cap of $12.79 billion, a P/E ratio of 5.19, a PEG ratio of 0.68 and a beta of 0.21.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the firm posted $8.06 earnings per share. The business’s revenue was up 29.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.41 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.64 annualized dividend and a yield of 0.6%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s payout ratio is 2.89%.

Insiders Place Their Bets

In related news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the sale, the executive vice president owned 73,023 shares in the company, valued at $22,326,782.25. This trade represents a 6.41% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.00% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

RNR has been the topic of several analyst reports. Evercore boosted their target price on RenaissanceRe from $283.00 to $291.00 and gave the company an “in-line” rating in a research report on Wednesday, February 4th. The Goldman Sachs Group restated a “sell” rating and issued a $267.00 price target on shares of RenaissanceRe in a research report on Wednesday, January 7th. Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $281.00 to $306.00 and gave the company an “equal weight” rating in a research report on Thursday, February 5th. Keefe, Bruyette & Woods increased their target price 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. Finally, Mizuho raised their target price on shares of RenaissanceRe from $277.00 to $313.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. Three research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and an average target price of $310.27.

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.