Hillsdale Investment Management Inc. Invests $4.11 Million in RenaissanceRe Holdings Ltd. $RNR

Hillsdale Investment Management Inc. acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,600 shares of the insurance provider’s stock, valued at approximately $4,105,000.

A number of other large investors have also added to or reduced their stakes in RNR. Quarry LP raised its stake in RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 52 shares during the period. CIBC Private Wealth Group LLC raised its stake in RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 94 shares during the period. Kingdom Financial Group LLC. bought a new stake in RenaissanceRe in the 4th quarter valued at $36,000. SBI Securities Co. Ltd. raised its stake in RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 37 shares during the period. Finally, Clearstead Advisors LLC raised its stake in RenaissanceRe by 134.7% in the 4th quarter. Clearstead Advisors LLC now owns 176 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 101 shares during the period. Institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RNR. Morgan Stanley cut RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price target on the stock. in a research note on Thursday, February 26th. Citigroup increased their price target on RenaissanceRe from $333.00 to $335.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. UBS Group increased their price target on RenaissanceRe from $319.00 to $326.00 and gave the company a “neutral” rating in a research note on Monday, May 4th. Bank of America dropped their price target on RenaissanceRe to $426.00 and set a “buy” rating on the stock in a research note on Tuesday, April 14th. Finally, Cantor Fitzgerald upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and increased their price target for the company from $306.00 to $340.00 in a research note on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $322.93.

RenaissanceRe Stock Performance

RNR opened at $280.46 on Monday. The firm has a market cap of $11.96 billion, a P/E ratio of 4.68, a price-to-earnings-growth ratio of 0.77 and a beta of 0.19. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $318.20. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37. The business’s fifty day moving average is $300.49 and its 200-day moving average is $287.88.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The company had revenue of $2.19 billion for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%. Sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 40.02 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, June 15th. RenaissanceRe’s dividend payout ratio (DPR) is 2.73%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.