Magnus Financial Group LLC purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 1,709 shares of the insurance provider’s stock, valued at approximately $228,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Paloma Partners Management Co purchased a new stake in RenaissanceRe in the 3rd quarter valued at $214,000. Vanguard Group Inc. grew its holdings in RenaissanceRe by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 4,103,600 shares of the insurance provider’s stock valued at $548,159,000 after buying an additional 59,867 shares in the last quarter. Retirement Systems of Alabama grew its holdings in RenaissanceRe by 0.3% in the 4th quarter. Retirement Systems of Alabama now owns 52,208 shares of the insurance provider’s stock valued at $6,980,000 after buying an additional 176 shares in the last quarter. Fox Run Management L.L.C. purchased a new stake in RenaissanceRe in the 4th quarter valued at $261,000. Finally, Thrivent Financial for Lutherans grew its holdings in RenaissanceRe by 5.9% in the 3rd quarter. Thrivent Financial for Lutherans now owns 9,710 shares of the insurance provider’s stock valued at $1,297,000 after buying an additional 540 shares in the last quarter. Hedge funds and other institutional investors own 95.15% of the company’s stock.
In related news, SVP Jonathan Paradine sold 20,000 shares of the stock in a transaction dated Monday, December 31st. The stock was sold at an average price of $132.79, for a total transaction of $2,655,800.00. Following the transaction, the senior vice president now owns 64,630 shares of the company’s stock, valued at approximately $8,582,217.70. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Sean G. Brosnan sold 1,250 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $145.97, for a total value of $182,462.50. Following the transaction, the senior vice president now directly owns 10,960 shares in the company, valued at approximately $1,599,831.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 41,250 shares of company stock worth $5,494,063. Corporate insiders own 1.50% of the company’s stock.
RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, January 29th. The insurance provider reported $0.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.93) by $1.95. RenaissanceRe had a return on equity of 9.18% and a net margin of 10.96%. The business had revenue of $633.44 million for the quarter, compared to analyst estimates of $545.60 million. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post 11.07 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend is Thursday, March 14th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.33. RenaissanceRe’s dividend payout ratio is 14.39%.
RNR has been the subject of several analyst reports. Bank of America cut RenaissanceRe from a “neutral” rating to an “underperform” rating in a report on Wednesday, January 16th. Barclays cut RenaissanceRe from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $130.00 to $125.00 in a report on Wednesday, January 9th. They noted that the move was a valuation call. Wells Fargo & Co restated a “hold” rating and issued a $125.00 target price on shares of RenaissanceRe in a report on Tuesday, January 29th. TheStreet upgraded RenaissanceRe from a “c+” rating to a “b” rating in a report on Thursday, February 7th. Finally, Keefe, Bruyette & Woods upgraded RenaissanceRe from a “market perform” rating to an “outperform” rating and upped their target price for the company from $143.00 to $168.00 in a report on Monday, December 10th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $143.70.
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RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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, and binding facilities and regional U.S.
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