Jennison Associates LLC Grows Position in RenaissanceRe Holdings Ltd. $RNR

Jennison Associates LLC raised its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 40.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 340,577 shares of the insurance provider’s stock after purchasing an additional 98,395 shares during the period. Jennison Associates LLC’s holdings in RenaissanceRe were worth $101,230,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of RNR. Kingdom Financial Group LLC. acquired a new position in shares of RenaissanceRe in the 4th quarter valued at $36,000. Quarry LP increased its holdings in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after buying an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after buying an additional 94 shares during the last quarter. Mcguire Capital Advisors Inc. purchased a new position in shares of RenaissanceRe in the 4th quarter worth $38,000. Finally, SBI Securities Co. Ltd. raised its position in shares of RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after buying an additional 37 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analyst Ratings Changes

RNR has been the subject of several research analyst reports. Evercore set a $320.00 price target on RenaissanceRe in a research note on Friday, July 10th. Wells Fargo & Company boosted their target price on RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Morgan Stanley increased their target price on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Wall Street Zen lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Cantor Fitzgerald raised their price target on shares of RenaissanceRe from $340.00 to $354.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $331.80.

RenaissanceRe Trading Down 0.1%

RNR opened at $322.88 on Monday. The firm has a market capitalization of $13.76 billion, a P/E ratio of 5.38, a P/E/G ratio of 1.26 and a beta of 0.17. The firm’s 50 day moving average is $302.22 and its 200-day moving average is $297.08. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $329.57. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. The business had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. Analysts expect that RenaissanceRe Holdings Ltd. will post 40.57 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Monday, June 15th. RenaissanceRe’s dividend payout ratio is presently 2.73%.

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.