9,910 Shares in RenaissanceRe Holdings Ltd. (NYSE:RNR) Acquired by Magnetar Financial LLC

Magnetar Financial LLC purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the first quarter, Holdings Channel.com reports. The institutional investor purchased 9,910 shares of the insurance provider’s stock, valued at approximately $2,329,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of RNR. Riverview Trust Co purchased a new position in RenaissanceRe during the 1st quarter worth $26,000. Rise Advisors LLC purchased a new position in RenaissanceRe during the 1st quarter worth $31,000. Mather Group LLC. purchased a new position in RenaissanceRe during the 1st quarter worth $34,000. GAMMA Investing LLC purchased a new position in RenaissanceRe during the 4th quarter worth $37,000. Finally, Daiwa Securities Group Inc. purchased a new position in RenaissanceRe during the 4th quarter worth $39,000. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Stock Up 2.2 %

RNR stock traded up $4.91 on Friday, hitting $224.50. 399,550 shares of the company’s stock were exchanged, compared to its average volume of 366,338. The firm has a 50 day moving average price of $223.97 and a two-hundred day moving average price of $223.64. RenaissanceRe Holdings Ltd. has a 12-month low of $174.22 and a 12-month high of $239.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.41 and a current ratio of 1.38. The stock has a market cap of $11.87 billion, a P/E ratio of 4.96, a price-to-earnings-growth ratio of 1.61 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, topping analysts’ consensus estimates of $9.86 by $2.32. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same quarter in the previous year, the firm posted $8.16 EPS. The firm’s revenue was up 41.3% compared to the same quarter last year. As a group, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 37.43 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.39 dividend. The ex-dividend date was Friday, June 14th. This represents a $1.56 annualized dividend and a dividend yield of 0.69%. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Insider Activity

In other news, EVP David E. Marra sold 1,000 shares of the business’s 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 owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. Bank of America raised their price objective on RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Morgan Stanley reduced their price objective on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday. Wells Fargo & Company cut their price target on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a report on Friday. Finally, Evercore ISI lifted their price target on RenaissanceRe from $216.00 to $218.00 and gave the company an “underperform” rating in a report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, RenaissanceRe has an average rating of “Hold” and a consensus target price of $263.40.

About RenaissanceRe

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.