Acadian Asset Management LLC Buys 979 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Acadian Asset Management LLC increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 88.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,090 shares of the insurance provider’s stock after acquiring an additional 979 shares during the quarter. Acadian Asset Management LLC’s holdings in RenaissanceRe were worth $465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. EntryPoint Capital LLC purchased a new stake in shares of RenaissanceRe during the first quarter valued at approximately $46,000. Royal London Asset Management Ltd. increased its position in shares of RenaissanceRe by 38.3% in the fourth quarter. Royal London Asset Management Ltd. now owns 24,811 shares of the insurance provider’s stock valued at $4,863,000 after acquiring an additional 6,874 shares during the period. American International Group Inc. raised its stake in shares of RenaissanceRe by 1,829.6% during the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after acquiring an additional 1,321,325 shares during the last quarter. Brown Brothers Harriman & Co. boosted its holdings in shares of RenaissanceRe by 62,400.0% during the fourth quarter. Brown Brothers Harriman & Co. now owns 10,000 shares of the insurance provider’s stock worth $1,960,000 after purchasing an additional 9,984 shares during the period. Finally, Wedge Capital Management L L P NC bought a new stake in shares of RenaissanceRe in the second quarter worth about $2,887,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Trading Down 0.3 %

NYSE:RNR opened at $262.78 on Thursday. RenaissanceRe Holdings Ltd. has a one year low of $188.24 and a one year high of $268.61. The company’s 50-day simple moving average is $240.27 and its 200 day simple moving average is $230.55. The firm has a market capitalization of $13.90 billion, a P/E ratio of 5.81, a PEG ratio of 1.39 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last issued 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 for the quarter, compared to analysts’ expectations of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. As a group, analysts forecast that RenaissanceRe Holdings Ltd. will post 39.01 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business 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 $0.39 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.59%. RenaissanceRe’s dividend payout ratio is currently 3.45%.

Insider Activity

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday, September 6th. Wells Fargo & Company decreased their target price on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a report on Friday, July 26th. Bank of America lifted their price target on shares of RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a report on Thursday, July 11th. JPMorgan Chase & Co. raised their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Finally, Barclays began coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 target price on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $272.60.

About RenaissanceRe

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.