Capricorn Fund Managers Ltd Makes New $2.90 Million Investment in RenaissanceRe Holdings Ltd. $RNR

Capricorn Fund Managers Ltd bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,774 shares of the insurance provider’s stock, valued at approximately $2,905,000.

Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its holdings in shares of RenaissanceRe by 4.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,001,410 shares of the insurance provider’s stock worth $254,273,000 after purchasing an additional 45,936 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its holdings in shares of RenaissanceRe by 135.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock valued at $55,100,000 after purchasing an additional 112,910 shares during the last quarter. Prana Capital Management LP grew its stake in shares of RenaissanceRe by 608.9% during the third quarter. Prana Capital Management LP now owns 29,971 shares of the insurance provider’s stock worth $7,611,000 after buying an additional 25,743 shares during the last quarter. Belpointe Asset Management LLC increased its holdings in RenaissanceRe by 595.0% in the 4th quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider’s stock worth $1,729,000 after purchasing an additional 5,266 shares in the last quarter. Finally, M&T Bank Corp increased its stake in shares of RenaissanceRe by 8,296.5% in the fourth quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock valued at $81,635,000 after buying an additional 286,894 shares during the period. 99.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on RNR shares. Mizuho set a $325.00 price objective on RenaissanceRe in a report on Monday, May 4th. Bank of America lowered their target price on RenaissanceRe to $426.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Cantor Fitzgerald raised RenaissanceRe from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $306.00 to $340.00 in a research note on Thursday, April 9th. Wells Fargo & Company increased their price target on RenaissanceRe from $305.00 to $306.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Finally, Citigroup raised shares of RenaissanceRe from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $335.00 to $345.00 in a research report on Wednesday, June 10th. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $323.64.

RenaissanceRe Trading Down 2.0%

Shares of RenaissanceRe stock opened at $316.41 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $325.39. The stock has a 50 day moving average price of $299.09 and a two-hundred day moving average price of $293.21. The stock has a market capitalization of $13.49 billion, a PE ratio of 5.27, a price-to-earnings-growth ratio of 1.22 and a beta of 0.18.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The company had revenue of $2.19 billion for the quarter. As a group, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.41 per share. The ex-dividend date was Monday, June 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is presently 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.