Pacer Advisors Inc. Invests $1.64 Million in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Posted by Defense World Staff on Sep 26th, 2023

Pacer Advisors Inc. purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 8,800 shares of the insurance provider’s stock, valued at approximately $1,641,000.

A number of other institutional investors also recently bought and sold shares of RNR. Laffer Tengler Investments increased its holdings in RenaissanceRe by 3.7% in the 1st quarter. Laffer Tengler Investments now owns 1,437 shares of the insurance provider’s stock worth $288,000 after buying an additional 51 shares in the last quarter. Snowden Capital Advisors LLC grew its stake in shares of RenaissanceRe by 4.9% in the first quarter. Snowden Capital Advisors LLC now owns 1,166 shares of the insurance provider’s stock worth $234,000 after acquiring an additional 54 shares during the period. First Trust Direct Indexing L.P. raised its holdings 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 purchasing an additional 58 shares during the last quarter. M&T Bank Corp lifted its position in RenaissanceRe by 1.1% during the first quarter. M&T Bank Corp now owns 6,424 shares of the insurance provider’s stock valued at $1,287,000 after purchasing an additional 67 shares during the period. Finally, TCI Wealth Advisors Inc. boosted its holdings in RenaissanceRe by 73.4% in 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. 91.84% of the stock is owned by institutional investors.

RenaissanceRe Stock Down 0.1 %

RNR stock opened at $202.63 on Tuesday. The business’s 50-day moving average price is $192.06 and its 200-day moving average price is $195.25. The stock has a market cap of $10.37 billion, a P/E ratio of 25.33 and a beta of 0.42. RenaissanceRe Holdings Ltd. has a twelve month low of $128.00 and a twelve month high of $223.80. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.28.

RenaissanceRe (NYSE:RNR – Get Free Report) last posted its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $8.79 earnings per share for the quarter, topping analysts’ consensus estimates of $7.58 by $1.21. The business had revenue of $2.20 billion during the quarter, compared to analyst estimates of $1.96 billion. RenaissanceRe had a net margin of 5.60% and a return on equity of 14.22%. The company’s revenue was up 17.8% on a year-over-year basis. During the same period in the prior year, the business posted $5.51 earnings per share. On average, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.8 EPS for the current year.

RenaissanceRe Dividend Announcement

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 dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.52 dividend on an annualized basis and a yield of 0.75%. RenaissanceRe’s dividend payout ratio is presently 19.00%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RNR. StockNews.com initiated coverage on shares of RenaissanceRe in a research note on Thursday, August 17th. They set a “hold” rating for the company. The Goldman Sachs Group assumed coverage on RenaissanceRe in a report on Friday, September 8th. They issued a “buy” rating and a $242.00 target price on the stock. BMO Capital Markets upgraded RenaissanceRe from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $198.00 to $216.00 in a research note on Tuesday, July 11th. TheStreet cut shares of RenaissanceRe from a “b-” rating to a “c+” rating in a research note on Thursday, June 8th. Finally, Morgan Stanley assumed coverage on shares of RenaissanceRe in a research report on Tuesday, June 20th. They set an “equal weight” rating and a $222.00 target price for the company. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of “Moderate Buy” and a consensus price target of $230.71.

Get Our Latest Analysis on RNR

RenaissanceRe 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.