Norges Bank Purchases New Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Norges Bank purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 697,441 shares of the insurance provider's stock, valued at approximately $173,530,000. Norges Bank owned 1.34% of RenaissanceRe as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. SBI Securities Co. Ltd. acquired a new position in RenaissanceRe in the fourth quarter valued at approximately $29,000. MassMutual Private Wealth & Trust FSB boosted its position in RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 41 shares during the period. Jones Financial Companies Lllp grew its stake in RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock worth $34,000 after buying an additional 127 shares during the last quarter. Smartleaf Asset Management LLC increased its position in RenaissanceRe by 71.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock worth $39,000 after buying an additional 65 shares during the period. Finally, UMB Bank n.a. lifted its stake in RenaissanceRe by 40.0% in the fourth quarter. UMB Bank n.a. now owns 175 shares of the insurance provider's stock valued at $44,000 after buying an additional 50 shares during the last quarter. Institutional investors own 99.97% of the company's stock.

Insider Transactions at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the transaction, the executive vice president now directly owns 79,392 shares of the company's stock, valued at $20,178,270.72. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.30% of the stock is owned by insiders.

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RenaissanceRe Price Performance

NYSE RNR traded down $2.62 on Thursday, reaching $246.53. The company's stock had a trading volume of 109,709 shares, compared to its average volume of 536,987. RenaissanceRe Holdings Ltd. has a twelve month low of $208.98 and a twelve month high of $300.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. The firm's 50 day moving average is $239.03 and its two-hundred day moving average is $256.29. The stock has a market cap of $12.08 billion, a PE ratio of 7.04, a PEG ratio of 2.09 and a beta of 0.38.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. As a group, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. This is a boost from RenaissanceRe's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, March 14th. RenaissanceRe's payout ratio is presently 4.57%.

Wall Street Analyst Weigh In

Several research firms have commented on RNR. Barclays cut shares of RenaissanceRe from an "equal weight" rating to an "underweight" rating and decreased their target price for the stock from $284.00 to $234.00 in a research report on Monday, January 6th. JPMorgan Chase & Co. increased their price objective on RenaissanceRe from $280.00 to $284.00 and gave the stock a "neutral" rating in a report on Friday, January 3rd. Bank of America cut their target price on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a research note on Wednesday, March 26th. Wells Fargo & Company decreased their price target on RenaissanceRe from $288.00 to $277.00 and set an "overweight" rating for the company in a research note on Thursday, January 30th. Finally, Jefferies Financial Group restated a "hold" rating and set a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $283.40.

RenaissanceRe Company Profile

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.