ARGA Investment Management LP Purchases Shares of 7,614 RenaissanceRe Holdings Ltd. $RNR

ARGA Investment Management LP acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 1st quarter, HoldingsChannel reports. The fund acquired 7,614 shares of the insurance provider’s stock, valued at approximately $2,263,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in RenaissanceRe by 39.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after buying an additional 2,737 shares in the last quarter. Millennium Management LLC purchased a new position in RenaissanceRe in the first quarter valued at $15,289,000. Jones Financial Companies Lllp raised its position in shares of RenaissanceRe by 900.0% in the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock worth $324,000 after acquiring an additional 1,215 shares during the period. Goldman Sachs Group Inc. grew its position in shares of RenaissanceRe by 72.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock valued at $13,725,000 after acquiring an additional 24,027 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of RenaissanceRe by 18.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock valued at $107,000 after buying an additional 69 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Bank of America cut their price target on shares of RenaissanceRe to $426.00 and set a “buy” rating for the company in a report on Tuesday, April 14th. Cantor Fitzgerald lifted their target price on shares of RenaissanceRe from $340.00 to $354.00 and gave the company an “overweight” rating in a research report on Thursday. TD Cowen boosted their target price on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a research note on Tuesday. Wall Street Zen downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Finally, Mizuho upped their price target on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a research report on Thursday. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and an average price target of $331.80.

RenaissanceRe Stock Up 1.1%

Shares of RNR opened at $314.65 on Friday. 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 one year low of $231.17 and a one year high of $329.57. The stock has a market capitalization of $13.41 billion, a price-to-earnings ratio of 5.25, a PEG ratio of 1.16 and a beta of 0.17. The stock has a 50 day moving average price of $300.76 and a 200 day moving average price of $295.70.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data 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. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 40.59 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Monday, June 15th. RenaissanceRe’s dividend payout ratio 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.