Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Acquires Shares of 3,960 RenaissanceRe Holdings Ltd. $RNR

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,960 shares of the insurance provider’s stock, valued at approximately $963,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RNR. New York State Teachers Retirement System increased its holdings in RenaissanceRe by 7.4% in the 3rd quarter. New York State Teachers Retirement System now owns 53,661 shares of the insurance provider’s stock valued at $13,626,000 after acquiring an additional 3,707 shares during the last quarter. Lecap Asset Management Ltd. grew its position in shares of RenaissanceRe by 512.9% during the third quarter. Lecap Asset Management Ltd. now owns 5,136 shares of the insurance provider’s stock valued at $1,304,000 after purchasing an additional 4,298 shares in the last quarter. HB Wealth Management LLC grew its position in shares of RenaissanceRe by 6.7% during the third quarter. HB Wealth Management LLC now owns 2,960 shares of the insurance provider’s stock valued at $752,000 after purchasing an additional 186 shares in the last quarter. KLP Kapitalforvaltning AS increased its holdings in shares of RenaissanceRe by 22.7% in the third quarter. KLP Kapitalforvaltning AS now owns 14,600 shares of the insurance provider’s stock worth $3,707,000 after purchasing an additional 2,700 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of RenaissanceRe by 815.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 83,065 shares of the insurance provider’s stock worth $21,093,000 after buying an additional 73,991 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

Wall Street Analysts Forecast Growth

RNR has been the subject of several research analyst reports. Mizuho began coverage on RenaissanceRe in a report on Monday, December 15th. They set a “neutral” rating and a $281.00 price target for the company. Barclays raised their target price on shares of RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a report on Thursday. Wells Fargo & Company boosted their price target on shares of RenaissanceRe from $278.00 to $285.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. The Goldman Sachs Group reiterated a “sell” rating and set a $267.00 price objective on shares of RenaissanceRe in a research report on Wednesday, January 7th. Finally, TD Cowen boosted their target price on shares of RenaissanceRe from $278.00 to $280.00 and gave the stock a “hold” rating in a report on Thursday, January 8th. Five research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and a consensus target price of $295.67.

RenaissanceRe Trading Up 0.5%

Shares of RNR opened at $274.50 on Tuesday. The company’s fifty day simple moving average is $269.91 and its 200-day simple moving average is $253.90. The company has a market cap of $12.66 billion, a P/E ratio of 7.63, a P/E/G ratio of 6.43 and a beta of 0.26. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $285.26.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, beating the consensus estimate of $9.49 by $6.13. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $1.97 billion. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The firm’s revenue was down 4.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $10.23 EPS. As a group, analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued a dividend of $0.40 per share. The ex-dividend date was Monday, December 15th. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s payout ratio is presently 4.45%.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.