Bridges Investment Management Inc. Makes New $1.02 Million Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bridges Investment Management Inc. acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 4,540 shares of the insurance provider’s stock, valued at approximately $1,015,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in RNR. Vanguard Group Inc. boosted its stake in shares of RenaissanceRe by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock valued at $1,090,875,000 after buying an additional 148,173 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of RenaissanceRe by 4.7% during the 1st quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock worth $646,806,000 after purchasing an additional 124,039 shares in the last quarter. Capital World Investors increased its position in shares of RenaissanceRe by 1.0% in the fourth quarter. Capital World Investors now owns 2,539,332 shares of the insurance provider’s stock worth $497,709,000 after purchasing an additional 25,898 shares during the period. Capital Research Global Investors raised its stake in RenaissanceRe by 5.3% in the fourth quarter. Capital Research Global Investors now owns 1,423,281 shares of the insurance provider’s stock valued at $278,963,000 after purchasing an additional 71,377 shares in the last quarter. Finally, American International Group Inc. grew its stake in 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 worth $273,135,000 after buying an additional 1,321,325 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analysts Set New Price Targets

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

RenaissanceRe Stock Performance

RenaissanceRe stock opened at $263.67 on Friday. The business has a 50 day moving average of $242.87 and a 200-day moving average of $231.27. The company has a market capitalization of $13.75 billion, a P/E ratio of 5.83, a P/E/G ratio of 1.45 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a 1 year low of $188.24 and a 1 year high of $268.61. 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 announced its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, beating the consensus estimate 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, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 39.01 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.59%. The ex-dividend date is Friday, September 13th. RenaissanceRe’s payout ratio is presently 3.45%.

Insider Buying and Selling at RenaissanceRe

In related news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, 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 transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of the business’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 completion of the transaction, the chief financial officer now directly owns 73,915 shares in the company, valued at $16,598,352.40. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

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.