Jump Financial LLC Takes $374,000 Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Posted by Defense World Staff on Aug 8th, 2023

Jump Financial LLC purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,865 shares of the insurance provider’s stock, valued at approximately $374,000.

Several other hedge funds also recently added to or reduced their stakes in the company. First Trust Direct Indexing L.P. grew its stake in shares of RenaissanceRe by 2.0% during the first quarter. First Trust Direct Indexing L.P. now owns 3,007 shares of the insurance provider’s stock valued at $602,000 after buying an additional 58 shares during the last quarter. TCI Wealth Advisors Inc. lifted its position in shares of RenaissanceRe by 73.4% during the first quarter. TCI Wealth Advisors Inc. now owns 163 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 69 shares during the last quarter. Signaturefd LLC boosted its stake in shares of RenaissanceRe by 30.0% during the fourth quarter. Signaturefd LLC now owns 312 shares of the insurance provider’s stock valued at $57,000 after purchasing an additional 72 shares during the period. AMG National Trust Bank grew its holdings in shares of RenaissanceRe by 1.2% in the fourth quarter. AMG National Trust Bank now owns 7,782 shares of the insurance provider’s stock worth $1,434,000 after purchasing an additional 92 shares during the last quarter. Finally, abrdn plc increased its stake in RenaissanceRe by 2.7% in the 4th quarter. abrdn plc now owns 3,647 shares of the insurance provider’s stock worth $672,000 after buying an additional 95 shares during the period. 93.15% of the stock is currently owned by institutional investors.

Insider Transactions at RenaissanceRe

In related news, CEO Kevin Odonnell bought 13,020 shares of the company’s stock in a transaction on Friday, May 26th. The shares were bought at an average price of $192.00 per share, with a total value of $2,499,840.00. Following the transaction, the chief executive officer now owns 296,025 shares in the company, valued at $56,836,800. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.10% of the company’s stock.

RenaissanceRe Stock Up 1.4 %

NYSE:RNR opened at $195.80 on Tuesday. The company’s 50-day simple moving average is $191.49 and its 200-day simple moving average is $199.60. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.41 and a current ratio of 1.41. RenaissanceRe Holdings Ltd. has a fifty-two week low of $125.40 and a fifty-two week high of $223.80. The stock has a market capitalization of $10.02 billion, a P/E ratio of 24.48 and a beta of 0.42.

RenaissanceRe (NYSE:RNR – Get Free Report) last posted its earnings results on Tuesday, July 25th. The insurance provider reported $8.79 EPS for the quarter, beating analysts’ consensus estimates of $7.58 by $1.21. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $1.96 billion. RenaissanceRe had a net margin of 5.60% and a return on equity of 14.22%. RenaissanceRe’s revenue for the quarter was up 17.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.51 earnings per share. On average, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 24.82 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 0.78%. The ex-dividend date is Thursday, September 14th. RenaissanceRe’s dividend payout ratio is presently 19.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RNR. Jefferies Financial Group raised shares of RenaissanceRe from a “hold” rating to a “buy” rating and raised their target price for the stock from $234.00 to $238.00 in a research report on Thursday, May 25th. StockNews.com assumed coverage on RenaissanceRe in a report on Thursday, May 18th. They issued a “hold” rating for the company. Morgan Stanley started coverage on RenaissanceRe in a research note on Tuesday, June 20th. They set an “equal weight” rating and a $222.00 price target on the stock. TheStreet lowered shares of RenaissanceRe from a “b-” rating to a “c+” rating in a research note on Thursday, June 8th. Finally, BMO Capital Markets raised shares of RenaissanceRe from a “market perform” rating to an “outperform” rating and raised their target price for the company from $198.00 to $216.00 in a research report on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $221.40.

Read Our Latest Stock Analysis on RNR

RenaissanceRe Company Profile

(Free Report)

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.