BNP Paribas Financial Markets Grows Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

BNP Paribas Financial Markets raised its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 10.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,447 shares of the insurance provider’s stock after acquiring an additional 1,186 shares during the quarter. BNP Paribas Financial Markets’ holdings in RenaissanceRe were worth $3,097,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new stake in shares of RenaissanceRe during the 4th quarter valued at approximately $27,000. SBI Securities Co. Ltd. purchased a new stake in shares of RenaissanceRe during the 4th quarter valued at approximately $29,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock valued at $30,000 after buying an additional 41 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in shares of RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock valued at $34,000 after buying an additional 127 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in shares of RenaissanceRe by 71.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock valued at $39,000 after buying an additional 65 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the transaction, the chief accounting officer now owns 27,154 shares in the company, valued at $6,776,009.16. This represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on RNR shares. Bank of America dropped their price target on shares of RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a research note on Wednesday, March 26th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 target price on the stock in a research note on Tuesday, April 8th. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Barclays lowered their target price on shares of RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating on the stock in a research note on Friday, April 11th. Finally, Morgan Stanley upgraded shares of RenaissanceRe from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $235.00 to $275.00 in a research note on Friday, April 25th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $282.60.

RenaissanceRe Price Performance

Shares of RNR stock opened at $242.88 on Friday. The stock has a market cap of $11.82 billion, a price-to-earnings ratio of 6.94, a PEG ratio of 2.09 and a beta of 0.34. The business’s fifty day moving average is $239.92 and its 200 day moving average is $249.29. RenaissanceRe Holdings Ltd. has a twelve month low of $208.98 and a twelve month high of $300.00. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($1.17). The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.36 billion. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. The company’s revenue was up 7.6% on a year-over-year basis. During the same period last year, the business earned $12.18 earnings per share. Research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.40 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. RenaissanceRe’s dividend payout ratio is presently 5.10%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.