MQS Management LLC Acquires 1,139 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

MQS Management LLC boosted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 107.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,196 shares of the insurance provider’s stock after purchasing an additional 1,139 shares during the quarter. MQS Management LLC’s holdings in RenaissanceRe were worth $491,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Riverview Trust Co purchased a new stake in RenaissanceRe during the 1st quarter valued at approximately $26,000. Blue Trust Inc. bought a new position in shares of RenaissanceRe during the second quarter worth $27,000. Rise Advisors LLC purchased a new position in RenaissanceRe during the first quarter valued at $31,000. V Square Quantitative Management LLC bought a new stake in RenaissanceRe in the 2nd quarter valued at $31,000. Finally, Mather Group LLC. purchased a new stake in RenaissanceRe in the 1st quarter worth $34,000. Institutional investors own 99.97% of the company’s stock.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the transaction, the executive vice president now owns 85,544 shares in the company, valued at approximately $19,675,120. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares in the company, valued at approximately $16,598,352.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the transaction, the executive vice president now directly owns 85,544 shares in the company, valued at $19,675,120. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RNR. Bank of America raised their price objective on RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Citigroup lifted their price objective on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. increased their target price on RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Friday, September 6th. Finally, UBS Group lowered their price objective on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and an average price target of $272.60.

RenaissanceRe Stock Down 0.8 %

NYSE RNR opened at $260.96 on Friday. RenaissanceRe Holdings Ltd. has a 52 week low of $188.24 and a 52 week high of $268.61. The firm has a market capitalization of $13.61 billion, a price-to-earnings ratio of 5.77, a PEG ratio of 1.45 and a beta of 0.38. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a fifty day moving average of $241.14 and a two-hundred day moving average of $230.78.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping analysts’ consensus estimates of $10.88 by $1.53. The firm had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. On average, analysts predict that RenaissanceRe Holdings Ltd. will post 39.01 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, September 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.60%. RenaissanceRe’s dividend payout ratio is 3.45%.

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.