Swiss National Bank Has $19.44 Million Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Posted by Defense World Staff on May 13th, 2023

Swiss National Bank grew its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) by 0.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 105,500 shares of the insurance provider’s stock after purchasing an additional 700 shares during the quarter. Swiss National Bank owned about 0.24% of RenaissanceRe worth $19,436,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in RNR. Boston Partners increased its holdings in shares of RenaissanceRe by 130.7% in the third quarter. Boston Partners now owns 1,662,406 shares of the insurance provider’s stock valued at $234,054,000 after purchasing an additional 941,897 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in RenaissanceRe by 10.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 3,687,321 shares of the insurance provider’s stock valued at $517,664,000 after acquiring an additional 352,164 shares during the last quarter. Balyasny Asset Management LLC acquired a new stake in RenaissanceRe in the third quarter worth about $31,514,000. Eminence Capital LP bought a new stake in shares of RenaissanceRe during the third quarter worth approximately $24,739,000. Finally, Eaton Vance Management raised its position in shares of RenaissanceRe by 1,615.4% during the 3rd quarter. Eaton Vance Management now owns 178,352 shares of the insurance provider’s stock valued at $25,039,000 after acquiring an additional 167,955 shares during the last quarter. Institutional investors own 95.52% of the company’s stock.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, Director Carol P. Sanders sold 1,515 shares of the business’s stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $211.32, for a total transaction of $320,149.80. Following the sale, the director now directly owns 5,629 shares of the company’s stock, valued at approximately $1,189,520.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Jefferies Financial Group upped their price target on RenaissanceRe from $215.00 to $221.00 and gave the company a “hold” rating in a research note on Monday, April 10th. TheStreet raised shares of RenaissanceRe from a “c+” rating to a “b” rating in a research report on Tuesday, January 31st. Wells Fargo & Company boosted their price target on shares of RenaissanceRe from $245.00 to $256.00 and gave the company an “overweight” rating in a report on Wednesday, April 5th. JPMorgan Chase & Co. raised their price objective on RenaissanceRe from $170.00 to $175.00 and gave the stock an “underweight” rating in a research note on Friday, March 31st. Finally, StockNews.com began coverage on RenaissanceRe in a research note on Thursday, March 16th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $206.80.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $208.91 on Friday. The company has a fifty day moving average price of $203.78 and a 200 day moving average price of $195.09. The firm has a market cap of $9.18 billion, a PE ratio of -57.71 and a beta of 0.43. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.22. RenaissanceRe Holdings Ltd. has a 1-year low of $124.18 and a 1-year high of $223.80.

RenaissanceRe (NYSE:RNR – Get Rating) last issued its quarterly earnings results on Tuesday, May 2nd. The insurance provider reported $8.16 EPS for the quarter, beating analysts’ consensus estimates of $7.34 by $0.82. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.40 billion. RenaissanceRe had a positive return on equity of 11.89% and a negative net margin of 1.61%. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the company posted $3.50 earnings per share. Research analysts predict that RenaissanceRe Holdings Ltd. will post 23.61 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be issued a $0.38 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.73%. RenaissanceRe’s dividend payout ratio (DPR) is presently -41.99%.

RenaissanceRe Company Profile

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RenaissanceRe Holdings Ltd. engages in the provision of reinsurance and insurance services. It operates through the following business segments: Property, Casualty and Specialty, and Other. The Property segment focuses on catastrophe, and other property reinsurance and insurance. The Casualty and Specialty segment deals with casualty and specialty reinsurance, and insurance.

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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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