Hsbc Holdings PLC Makes New Investment in RenaissanceRe Holdings Ltd. $RNR

Hsbc Holdings PLC bought a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 16,289 shares of the insurance provider’s stock, valued at approximately $5,258,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Quarry LP lifted its position in shares of RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after buying an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of 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 during the period. Kingdom Financial Group LLC. bought a new stake in shares of RenaissanceRe during the 4th quarter valued at about $36,000. Mcguire Capital Advisors Inc. bought a new stake in shares of RenaissanceRe during the 4th quarter valued at about $38,000. Finally, SBI Securities Co. Ltd. raised its stake in RenaissanceRe by 33.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after acquiring an additional 37 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Trading Up 0.1%

Shares of NYSE:RNR opened at $330.58 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The company’s 50-day moving average price is $320.85 and its 200 day moving average price is $306.35. The company has a market cap of $13.74 billion, a PE ratio of 5.67, a P/E/G ratio of 1.20 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $335.97.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The firm had revenue of $2.77 billion during the quarter. Sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current year.

RenaissanceRe Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RNR. Wells Fargo & Company raised their target price on shares of RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a report on Monday, July 27th. JPMorgan Chase & Co. increased their price target on RenaissanceRe from $329.00 to $360.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and raised their price target for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Finally, Wall Street Zen downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, RenaissanceRe presently has a consensus rating of “Hold” and an average target price of $336.33.

Insider Activity

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the transaction, the executive vice president directly owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This represents a 6.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

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.