RenaissanceRe Holdings Ltd. $RNR Shares Purchased by Great Lakes Advisors LLC

Great Lakes Advisors LLC boosted its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 12.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 490,283 shares of the insurance provider’s stock after acquiring an additional 53,303 shares during the period. RenaissanceRe comprises approximately 1.0% of Great Lakes Advisors LLC’s portfolio, making the stock its 26th largest position. Great Lakes Advisors LLC owned approximately 1.06% of RenaissanceRe worth $124,498,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Impax Asset Management Group plc boosted its position in shares of RenaissanceRe by 11.2% in the 2nd quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock valued at $295,494,000 after purchasing an additional 122,732 shares during the period. Bank of America Corp DE lifted its stake in RenaissanceRe by 17.6% in the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after buying an additional 120,063 shares during the last quarter. Norges Bank purchased a new stake in RenaissanceRe in the second quarter valued at approximately $139,543,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of RenaissanceRe by 0.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 334,326 shares of the insurance provider’s stock valued at $81,208,000 after acquiring an additional 3,070 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of RenaissanceRe by 152.5% in the second quarter. JPMorgan Chase & Co. now owns 239,330 shares of the insurance provider’s stock valued at $58,136,000 after acquiring an additional 144,547 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

RNR has been the topic of a number of recent research reports. BMO Capital Markets reaffirmed an “outperform” rating and issued a $303.00 target price on shares of RenaissanceRe in a report on Friday, December 5th. Keefe, Bruyette & Woods raised their price objective on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 6th. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $267.00 target price on shares of RenaissanceRe in a report on Wednesday, January 7th. Barclays increased their target price on shares of RenaissanceRe from $278.00 to $304.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 8th. Finally, Wells Fargo & Company dropped their price target on RenaissanceRe from $285.00 to $281.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 13th. Five equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $298.07.

RenaissanceRe Stock Up 0.4%

RNR stock opened at $275.60 on Thursday. The stock has a market capitalization of $12.71 billion, a PE ratio of 7.66, a price-to-earnings-growth ratio of 2.87 and a beta of 0.26. The company has a fifty day moving average of $271.66 and a 200-day moving average of $256.54. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.40. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $285.26.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The firm had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the company posted $10.23 earnings per share. The firm’s revenue for the quarter was down 4.8% on a year-over-year basis. 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 announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, December 15th. RenaissanceRe’s dividend payout ratio is 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.