Prana Capital Management LP Raises Stock Position in RenaissanceRe Holdings Ltd. $RNR

Prana Capital Management LP lifted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 608.9% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,971 shares of the insurance provider’s stock after purchasing an additional 25,743 shares during the quarter. Prana Capital Management LP owned about 0.06% of RenaissanceRe worth $7,611,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of RenaissanceRe by 39.4% during 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 during the period. Millennium Management LLC acquired a new stake in shares of RenaissanceRe in the first quarter valued at about $15,289,000. Jones Financial Companies Lllp lifted its position in shares of RenaissanceRe by 900.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock valued at $324,000 after acquiring an additional 1,215 shares during the period. Goldman Sachs Group Inc. raised its holdings in RenaissanceRe by 72.5% during the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock worth $13,725,000 after purchasing an additional 24,027 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of RenaissanceRe by 6.2% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,500 shares of the insurance provider’s stock worth $3,036,000 after acquiring an additional 727 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Stock Performance

NYSE:RNR opened at $295.31 on Wednesday. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $315.88. The stock has a market cap of $12.84 billion, a P/E ratio of 5.21, a PEG ratio of 0.69 and a beta of 0.21. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43. The firm has a 50-day moving average of $289.92 and a two-hundred day moving average of $270.08.

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

RenaissanceRe Increases Dividend

The business also recently disclosed 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 is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, March 13th. This represents a $1.64 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s payout ratio is currently 2.89%.

Analyst Ratings Changes

Several brokerages recently weighed in on RNR. Cantor Fitzgerald boosted their target price on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. JPMorgan Chase & Co. lifted their target price on shares of RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 7th. Barclays lifted their price target on shares of RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a report on Thursday, January 8th. Morgan Stanley lowered shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price target on the stock. in a report on Thursday, February 26th. Finally, Evercore lifted their target price on shares of RenaissanceRe from $283.00 to $291.00 and gave the company an “in-line” rating in a report on Wednesday, February 4th. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $310.27.

Insiders Place Their Bets

In other news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the sale, the executive vice president owned 73,023 shares of the company’s stock, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by corporate insiders.

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.