Mesirow Financial Investment Management Inc. Buys Shares of 771 RenaissanceRe Holdings Ltd. (NYSE:RNR)

Mesirow Financial Investment Management Inc. purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 771 shares of the insurance provider’s stock, valued at approximately $210,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Impax Asset Management Group plc raised its holdings in RenaissanceRe by 32.4% during the third quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after purchasing an additional 415,366 shares during the last quarter. Cooke & Bieler LP raised its stake in shares of RenaissanceRe by 9.2% during the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after buying an additional 86,562 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of RenaissanceRe by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after buying an additional 109,851 shares in the last quarter. Earnest Partners LLC grew its stake in RenaissanceRe by 6.1% in the 1st quarter. Earnest Partners LLC now owns 578,139 shares of the insurance provider’s stock valued at $135,880,000 after acquiring an additional 33,448 shares during the last quarter. Finally, Great Lakes Advisors LLC increased its holdings in RenaissanceRe by 3.1% during the 2nd quarter. Great Lakes Advisors LLC now owns 254,965 shares of the insurance provider’s stock valued at $56,987,000 after acquiring an additional 7,718 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on RNR. Jefferies Financial Group increased their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Citigroup raised their price target on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Barclays initiated coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective for the company. Finally, StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, RenaissanceRe currently has an average rating of “Hold” and an average price target of $293.00.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the sale, the executive vice president now directly owns 82,044 shares in the company, valued at approximately $22,890,276. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Trading Down 0.4 %

Shares of NYSE:RNR opened at $263.83 on Wednesday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $188.24 and a fifty-two week high of $300.00. The company has a quick ratio of 1.38, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. The company has a market cap of $13.76 billion, a PE ratio of 3.80, a P/E/G ratio of 1.75 and a beta of 0.39. The company’s 50-day moving average price is $267.96 and its 200 day moving average price is $242.62.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.89 by $2.34. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The company’s revenue for the quarter was up 52.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $8.33 earnings per share. Sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.75 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.59%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.25%.

RenaissanceRe 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.