New Age Alpha Advisors LLC Increases Stake in RenaissanceRe Holdings Ltd. $RNR

New Age Alpha Advisors LLC boosted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 97.2% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 20,800 shares of the insurance provider’s stock after acquiring an additional 10,250 shares during the period. New Age Alpha Advisors LLC’s holdings in RenaissanceRe were worth $5,165,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of RenaissanceRe by 39.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock valued at $2,325,000 after purchasing an additional 2,737 shares during the period. Millennium Management LLC purchased a new position in RenaissanceRe in the 1st quarter valued at approximately $15,289,000. Jones Financial Companies Lllp raised its holdings in RenaissanceRe by 900.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock valued at $324,000 after acquiring an additional 1,215 shares during the period. Goldman Sachs Group Inc. raised its holdings in 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, Envestnet Asset Management Inc. lifted its position in shares of RenaissanceRe by 0.3% during the second quarter. Envestnet Asset Management Inc. now owns 106,248 shares of the insurance provider’s stock worth $25,808,000 after acquiring an additional 328 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president directly owned 73,023 shares in the company, valued at $22,326,782.25. This trade represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on RNR shares. The Goldman Sachs Group reiterated a “sell” rating and issued a $267.00 price target on shares of RenaissanceRe in a research report on Wednesday, January 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a report on Monday, December 29th. Wall Street Zen upgraded RenaissanceRe from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. Cantor Fitzgerald raised their price objective on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Finally, Mizuho upped their target price on shares of RenaissanceRe from $277.00 to $313.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. Three equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $310.27.

RenaissanceRe Stock Performance

NYSE RNR opened at $302.24 on Monday. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $315.88. The company has a fifty day moving average of $285.71 and a 200-day moving average of $265.60. The company has a market capitalization of $13.14 billion, a P/E ratio of 5.33, a P/E/G ratio of 0.74 and a beta of 0.21. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The business had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the firm earned $8.06 earnings per share. The firm’s revenue was up 29.6% on a year-over-year basis. As a group, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s payout ratio is 2.82%.

About RenaissanceRe

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.