599,596 Shares in RenaissanceRe Holdings Ltd. $RNR Bought by Norges Bank

Norges Bank acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 599,596 shares of the insurance provider’s stock, valued at approximately $168,582,000. Norges Bank owned 1.30% of RenaissanceRe as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Diamond Hill Capital Management Inc. raised its holdings in shares of RenaissanceRe by 16.0% during the third quarter. Diamond Hill Capital Management Inc. now owns 119,240 shares of the insurance provider’s stock worth $30,279,000 after acquiring an additional 16,448 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of RenaissanceRe by 4.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,001,410 shares of the insurance provider’s stock worth $254,273,000 after acquiring an additional 45,936 shares during the period. New Age Alpha Advisors LLC raised its holdings in shares of RenaissanceRe by 97.2% during the third quarter. New Age Alpha Advisors LLC now owns 20,800 shares of the insurance provider’s stock worth $5,165,000 after acquiring an additional 10,250 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in shares of RenaissanceRe by 135.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock worth $55,100,000 after acquiring an additional 112,910 shares during the period. Finally, Prana Capital Management LP raised its holdings in shares of RenaissanceRe by 608.9% during the third quarter. Prana Capital Management LP now owns 29,971 shares of the insurance provider’s stock worth $7,611,000 after acquiring an additional 25,743 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Bank of America dropped their price objective on shares of RenaissanceRe to $426.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Mizuho set a $325.00 price objective on shares of RenaissanceRe in a report on Monday, May 4th. Evercore set a $309.00 price objective on shares of RenaissanceRe in a report on Thursday, April 9th. Wells Fargo & Company lifted their price target on shares of RenaissanceRe from $305.00 to $306.00 and gave the company an “equal weight” rating in a research note on Thursday, April 30th. Finally, Citigroup lifted their price target on shares of RenaissanceRe from $333.00 to $335.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Four analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and a consensus price target of $322.93.

RenaissanceRe Stock Up 1.1%

RenaissanceRe stock opened at $280.64 on Thursday. The firm has a market capitalization of $11.96 billion, a PE ratio of 4.68, a P/E/G ratio of 0.76 and a beta of 0.18. The company’s 50-day moving average is $299.72 and its 200-day moving average is $288.15. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $318.20. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. The company had revenue of $2.19 billion for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. Sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.02 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.41 per share. The ex-dividend date is Monday, June 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.6%. RenaissanceRe’s payout ratio is currently 2.73%.

RenaissanceRe Profile

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.