TimesSquare Capital Management LLC Makes New $822,000 Investment in RenaissanceRe Holdings Ltd. $RNR

TimesSquare Capital Management LLC acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,594 shares of the insurance provider’s stock, valued at approximately $822,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Belpointe Asset Management LLC increased its stake in shares of RenaissanceRe by 595.0% during the fourth 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 during the period. Horizon Investments LLC boosted its stake in RenaissanceRe by 247,520.0% in the 4th quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider’s stock valued at $6,962,000 after purchasing an additional 24,752 shares during the period. M&T Bank Corp grew its holdings in RenaissanceRe by 8,296.5% in the 4th 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 in the last quarter. Candriam S.C.A. acquired a new position in RenaissanceRe in the 1st quarter valued at $6,202,000. Finally, Estate Counselors LLC bought a new position in RenaissanceRe during the 4th quarter worth $2,946,000. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Stock Performance

NYSE:RNR opened at $318.02 on Tuesday. The stock has a fifty day moving average price of $315.69 and a 200-day moving average price of $304.14. The company has a market cap of $13.21 billion, a price-to-earnings ratio of 5.46, a PEG ratio of 1.18 and a beta of 0.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $335.97.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The company had revenue of $2.77 billion for the quarter. As a group, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.29 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is currently 2.81%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RNR shares. Wells Fargo & Company boosted their target price on shares of RenaissanceRe from $306.00 to $329.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Keefe, Bruyette & Woods raised their price target on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Wolfe Research set a $315.00 price objective on shares of RenaissanceRe in a research note on Tuesday, July 7th. Morgan Stanley boosted their price objective on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Finally, Barclays increased their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $336.33.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the transaction, the executive vice president directly owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This trade represents a 6.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

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.