Panagora Asset Management Inc. Buys New Position in RenaissanceRe Holdings Ltd. $RNR

Panagora Asset Management Inc. bought a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the fourth quarter, Holdings Channel reports. The fund bought 89,839 shares of the insurance provider’s stock, valued at approximately $25,259,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RNR. Quarry LP grew its position in RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after buying an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC grew its position in RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock valued at $34,000 after buying an additional 94 shares in the last quarter. Kingdom Financial Group LLC. bought a new position in RenaissanceRe in the 4th quarter valued at about $36,000. SBI Securities Co. Ltd. grew its position in RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after buying an additional 37 shares in the last quarter. Finally, Clearstead Advisors LLC grew its position in RenaissanceRe by 134.7% in the 4th quarter. Clearstead Advisors LLC now owns 176 shares of the insurance provider’s stock valued at $49,000 after buying an additional 101 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

NYSE:RNR opened at $297.53 on Tuesday. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe Holdings Ltd. has a twelve month low of $231.17 and a twelve month high of $318.20. The firm has a market cap of $12.68 billion, a price-to-earnings ratio of 4.96, a price-to-earnings-growth ratio of 1.13 and a beta of 0.19. The company has a 50-day moving average of $298.95 and a 200-day moving average of $289.81.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The company had revenue of $2.19 billion during the quarter. Analysts forecast that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s dividend payout ratio is currently 2.73%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a research report on Tuesday, April 7th. Wells Fargo & Company increased their target price on shares of RenaissanceRe from $305.00 to $306.00 and gave the company an “equal weight” rating in a research report on Thursday, April 30th. Weiss Ratings lowered shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research report on Thursday. Cantor Fitzgerald upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and increased their target price for the company from $306.00 to $340.00 in a research report on Thursday, April 9th. Finally, Bank of America decreased their target price on shares of RenaissanceRe to $426.00 and set a “buy” rating for the company in a research report on Tuesday, April 14th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $323.64.

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.