Connor Clark & Lunn Investment Management Ltd. Purchases Shares of 17,244 RenaissanceRe Holdings Ltd. (NYSE:RNR)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 17,244 shares of the insurance provider’s stock, valued at approximately $4,290,000.

Several other institutional investors also recently modified their holdings of RNR. Victory Capital Management Inc. raised its stake in RenaissanceRe by 3.7% during the 3rd quarter. Victory Capital Management Inc. now owns 23,011 shares of the insurance provider’s stock valued at $6,268,000 after purchasing an additional 824 shares during the period. Oppenheimer & Co. Inc. acquired a new stake in RenaissanceRe during the 3rd quarter valued at $231,000. KBC Group NV raised its stake in RenaissanceRe by 17.0% during the 3rd quarter. KBC Group NV now owns 1,362 shares of the insurance provider’s stock valued at $371,000 after purchasing an additional 198 shares during the period. CIBC Asset Management Inc raised its stake in RenaissanceRe by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock valued at $417,000 after purchasing an additional 53 shares during the period. Finally, Empowered Funds LLC acquired a new stake in RenaissanceRe during the 3rd quarter valued at $243,000. Institutional investors own 99.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RNR shares. JPMorgan Chase & Co. boosted their price target on shares of RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a report on Friday, January 3rd. Barclays cut shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $284.00 to $234.00 in a report on Monday, January 6th. Morgan Stanley lowered their price target on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Keefe, Bruyette & Woods lowered their price target on shares of RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a report on Tuesday, February 4th. Finally, JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and an average target price of $279.90.

RenaissanceRe Trading Up 1.4 %

Shares of NYSE:RNR opened at $239.63 on Monday. The stock has a market capitalization of $11.80 billion, a PE ratio of 6.84, a P/E/G ratio of 2.09 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a 1 year low of $208.98 and a 1 year high of $300.00. The firm has a fifty day moving average price of $242.19 and a 200 day moving average price of $257.65. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. Analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.67%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, March 14th. RenaissanceRe’s dividend payout ratio is 4.57%.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the sale, the executive vice president now directly owns 79,392 shares in the company, valued at $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.

RenaissanceRe Company Profile

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.