Candriam S.C.A. Acquires 38,201 Shares of RenaissanceRe Holdings Ltd. $RNR

Candriam S.C.A. raised its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 43.1% during the third quarter, Holdings Channel.com reports. The fund owned 126,892 shares of the insurance provider’s stock after purchasing an additional 38,201 shares during the period. Candriam S.C.A.’s holdings in RenaissanceRe were worth $40,528,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of RNR. Ethic Inc. boosted its position in shares of RenaissanceRe by 18.2% in the 3rd quarter. Ethic Inc. now owns 6,698 shares of the insurance provider’s stock worth $2,132,000 after purchasing an additional 1,031 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of RenaissanceRe by 19.7% during the third quarter. Parallel Advisors LLC now owns 843 shares of the insurance provider’s stock worth $268,000 after purchasing an additional 139 shares during the period. Abacus Wealth Partners LLC acquired a new stake in shares of RenaissanceRe during the third quarter worth $231,000. Alps Advisors Inc. grew its stake in shares of RenaissanceRe by 78.0% during the third quarter. Alps Advisors Inc. now owns 3,033 shares of the insurance provider’s stock worth $965,000 after purchasing an additional 1,329 shares during the period. Finally, Heritage Family Offices LLP bought a new stake in RenaissanceRe in the third quarter valued at about $51,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Trading Down 2.1%

Shares of NYSE RNR opened at $346.75 on Friday. The company’s fifty day moving average is $335.19 and its 200-day moving average is $312.00. The stock has a market cap of $14.01 billion, a price-to-earnings ratio of 9.97, a P/E/G ratio of 0.89 and a beta of 0.11. RenaissanceRe Holdings Ltd. has a twelve month low of $251.60 and a twelve month high of $363.84. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, October 27th. The insurance provider reported $12.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.56 by $2.15. RenaissanceRe had a net margin of 16.25% and a return on equity of 21.13%. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the business earned $15.62 EPS. Equities research analysts predict that RenaissanceRe Holdings Ltd. will post 49.24 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. UBS Group increased their target price on RenaissanceRe from $349.00 to $366.00 and gave the company a “neutral” rating in a research note on Monday, November 2nd. Wells Fargo & Company raised their target price on RenaissanceRe from $319.00 to $338.00 and gave the stock an “equal weight” rating in a report on Monday, November 2nd. Mizuho set a $352.00 target price on RenaissanceRe in a research report on Monday, November 2nd. Keefe, Bruyette & Woods upped their price target on RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a research note on Monday, July 27th. Finally, TD Cowen increased their price target on shares of RenaissanceRe from $315.00 to $320.00 and gave the company a “hold” rating in a research report on Monday, October 12th. Five investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $343.69.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based provider of reinsurance and insurance, serving clients around the world. The company focuses on helping insurers and other businesses manage risks that can be difficult to predict or absorb.

Its main offerings include property catastrophe reinsurance, which helps protect insurers against losses from events such as hurricanes and earthquakes, as well as casualty and specialty reinsurance and insurance. RenaissanceRe also manages capital on behalf of third-party investors and uses risk modeling to assess and manage its exposure.

Founded in Bermuda in 1993, RenaissanceRe was established to address demand for catastrophe risk coverage.