Man Group plc Acquires New Position in RenaissanceRe Holdings Ltd. $RNR

Man Group plc bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,662 shares of the insurance provider’s stock, valued at approximately $1,794,000.

A number of other hedge funds have also modified their holdings of RNR. BlackRock Inc. bought a new stake in shares of RenaissanceRe during the 2nd quarter valued at $1,319,724,000. Boston Partners increased its stake in RenaissanceRe by 9.9% in the 4th quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock worth $400,150,000 after buying an additional 128,245 shares in the last quarter. Lightrock Netherlands B.V. increased its stake in RenaissanceRe by 15.8% in the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock worth $350,263,000 after buying an additional 160,915 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in RenaissanceRe by 5.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock valued at $322,603,000 after acquiring an additional 52,371 shares during the period. Finally, Bank of America Corp DE raised its holdings in RenaissanceRe by 17.6% during the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after acquiring an additional 120,063 shares during the period. 99.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on RNR shares. UBS Group set a $349.00 price objective on RenaissanceRe and gave the stock a “neutral” rating in a research note on Monday, July 27th. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Wells Fargo & Company upped their price target on RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Wolfe Research set a $315.00 price objective on shares of RenaissanceRe in a report on Tuesday, July 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, RenaissanceRe has a consensus rating of “Hold” and an average price target of $336.33.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were 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 in the company, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

RenaissanceRe Trading Up 0.5%

RNR stock opened at $329.30 on Wednesday. The firm has a fifty day moving average price of $321.79 and a 200 day moving average price of $306.88. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $335.97. The firm has a market cap of $13.68 billion, a PE ratio of 5.65, a price-to-earnings-growth ratio of 1.19 and a beta of 0.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The business 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 fiscal year.

RenaissanceRe Announces Dividend

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

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.