Jennison Associates LLC Has $104.49 Million Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Jennison Associates LLC increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 22.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 533,127 shares of the insurance provider’s stock after buying an additional 96,322 shares during the quarter. Jennison Associates LLC’s holdings in RenaissanceRe were worth $104,493,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC acquired a new position in RenaissanceRe in the 4th quarter worth about $38,000. Global Retirement Partners LLC increased its position in RenaissanceRe by 519.4% in the 3rd quarter. Global Retirement Partners LLC now owns 192 shares of the insurance provider’s stock valued at $39,000 after acquiring an additional 161 shares during the period. Daiwa Securities Group Inc. bought a new position in shares of RenaissanceRe during the fourth quarter valued at $39,000. VisionPoint Advisory Group LLC acquired a new stake in RenaissanceRe in the third quarter valued at $57,000. Finally, CWM LLC raised its position in RenaissanceRe by 200.0% during the 3rd quarter. CWM LLC now owns 636 shares of the insurance provider’s stock worth $126,000 after purchasing an additional 424 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Insider Buying and Selling

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total transaction of $586,400.00. Following the completion of the sale, the chief financial officer now directly owns 70,424 shares of the company’s stock, valued at approximately $16,518,653.44. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP David E. Marra sold 750 shares of the stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total transaction of $171,750.00. Following the transaction, the executive vice president now directly owns 79,699 shares in the company, valued at $18,251,071. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total transaction of $586,400.00. Following the transaction, the chief financial officer now directly owns 70,424 shares in the company, valued at $16,518,653.44. The disclosure for this sale can be found here. Insiders have sold a total of 4,130 shares of company stock valued at $958,429 over the last quarter. 1.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on RNR shares. JPMorgan Chase & Co. lifted their price objective on shares of RenaissanceRe from $204.00 to $237.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. UBS Group increased their price target on RenaissanceRe from $229.00 to $238.00 and gave the company a “neutral” rating in a research note on Monday, February 5th. Evercore ISI upped their price objective on RenaissanceRe from $213.00 to $216.00 and gave the stock an “underperform” rating in a report on Thursday, April 11th. TD Cowen assumed coverage on shares of RenaissanceRe in a report on Wednesday, January 10th. They issued a “market perform” rating for the company. Finally, BMO Capital Markets upped their price target on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, RenaissanceRe presently has an average rating of “Hold” and a consensus price target of $247.89.

RenaissanceRe Trading Up 0.9 %

Shares of NYSE RNR opened at $226.82 on Tuesday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $174.22 and a fifty-two week high of $239.42. The company has a market cap of $11.96 billion, a price-to-earnings ratio of 4.43, a PEG ratio of 2.98 and a beta of 0.30. The business’s 50 day moving average price is $227.57 and its 200-day moving average price is $215.95. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.40 and a current ratio of 1.40.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, January 30th. The insurance provider reported $11.77 EPS for the quarter, topping analysts’ consensus estimates of $8.13 by $3.64. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same period in the prior year, the business posted $7.33 earnings per share. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. On average, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 34.41 earnings per share for the current year.

RenaissanceRe Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.38. RenaissanceRe’s payout ratio is currently 3.05%.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.