State of Alaska Department of Revenue Raises Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Posted by Defense World Staff on Oct 16th, 2023

State of Alaska Department of Revenue boosted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) by 3.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,229 shares of the insurance provider’s stock after acquiring an additional 206 shares during the period. State of Alaska Department of Revenue’s holdings in RenaissanceRe were worth $1,161,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of RNR. Vanguard Group Inc. lifted its position in RenaissanceRe by 0.3% during the third quarter. Vanguard Group Inc. now owns 4,518,448 shares of the insurance provider’s stock valued at $634,345,000 after purchasing an additional 11,838 shares during the last quarter. BlackRock Inc. lifted its position in RenaissanceRe by 0.9% during the first quarter. BlackRock Inc. now owns 4,063,107 shares of the insurance provider’s stock valued at $814,003,000 after purchasing an additional 37,079 shares during the last quarter. Capital World Investors lifted its position in RenaissanceRe by 5.4% during the first quarter. Capital World Investors now owns 2,550,441 shares of the insurance provider’s stock valued at $404,270,000 after purchasing an additional 129,891 shares during the last quarter. Boston Partners lifted its position in RenaissanceRe by 4.0% during the first quarter. Boston Partners now owns 1,910,970 shares of the insurance provider’s stock valued at $382,923,000 after purchasing an additional 73,882 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in RenaissanceRe by 0.5% during the first quarter. JPMorgan Chase & Co. now owns 710,859 shares of the insurance provider’s stock valued at $142,413,000 after purchasing an additional 3,400 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. BMO Capital Markets upgraded shares of RenaissanceRe from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $198.00 to $216.00 in a report on Tuesday, July 11th. Morgan Stanley boosted their price objective on shares of RenaissanceRe from $229.00 to $240.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 11th. StockNews.com assumed coverage on shares of RenaissanceRe in a report on Thursday, October 5th. They issued a “hold” rating for the company. Jefferies Financial Group lowered their price objective on shares of RenaissanceRe from $249.00 to $246.00 in a report on Friday, October 6th. Finally, Bank of America lowered their price target on shares of RenaissanceRe from $275.00 to $266.00 and set a “buy” rating for the company in a report on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $234.43.

Read Our Latest Research Report on RNR

RenaissanceRe Stock Down 0.1 %

NYSE:RNR opened at $214.96 on Monday. The firm’s 50-day moving average price is $194.60 and its 200-day moving average price is $196.40. The company has a market capitalization of $11.00 billion, a PE ratio of 26.87 and a beta of 0.39. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.41 and a quick ratio of 1.41. RenaissanceRe Holdings Ltd. has a 1-year low of $137.44 and a 1-year high of $223.80.

RenaissanceRe (NYSE:RNR – Get Free Report) last released its 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. RenaissanceRe had a net margin of 5.60% and a return on equity of 14.22%. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same period in the prior year, the firm earned $5.51 EPS. The company’s revenue was up 17.8% compared to the same quarter last year. On average, equities analysts predict that RenaissanceRe Holdings Ltd. will post 27.68 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend was Thursday, September 14th. RenaissanceRe’s dividend payout ratio (DPR) is 19.00%.

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.