Quantbot Technologies LP Invests $4.19 Million in RenaissanceRe Holdings Ltd. $RNR

Quantbot Technologies LP acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 13,232 shares of the insurance provider’s stock, valued at approximately $4,193,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Evolve Private Wealth LLC acquired a new position in RenaissanceRe in the 2nd quarter valued at approximately $2,786,000. Callan Family Office LLC bought a new stake in shares of RenaissanceRe during the second quarter valued at approximately $647,000. Allworth Financial LP acquired a new position in shares of RenaissanceRe in the second quarter valued at $115,000. Advisors Preferred LLC bought a new position in RenaissanceRe in the second quarter worth $378,000. Finally, Vise Technologies Inc. acquired a new stake in RenaissanceRe during the second quarter worth $1,713,000. Institutional investors own 99.97% of the company’s stock.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the transaction, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Weiss Ratings downgraded shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, August 17th. Wall Street Zen cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Wolfe Research set a $315.00 price target on shares of RenaissanceRe in a research report on Tuesday, July 7th. UBS Group set a $349.00 price target on shares of RenaissanceRe and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $329.00 to $360.00 and gave the company a “neutral” rating in a report on Monday, July 20th. 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 company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $336.33.

RenaissanceRe Stock Up 0.2%

Shares of NYSE:RNR opened at $324.18 on Monday. The company’s fifty day moving average is $317.81 and its 200-day moving average is $305.28. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $335.97. The company has a market capitalization of $13.47 billion, a PE ratio of 5.56, a P/E/G ratio of 1.18 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The firm had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. Equities research analysts predict that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.81%.

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.