RenaissanceRe Holdings Ltd. (NYSE:RNR) Stake Increased by Citigroup Inc.

Citigroup Inc. increased its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 367.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,476 shares of the insurance provider’s stock after buying an additional 23,956 shares during the quarter. Citigroup Inc. owned 0.06% of RenaissanceRe worth $8,302,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of RNR. Advisors Asset Management Inc. purchased a new position in RenaissanceRe during the 3rd quarter valued at about $45,000. Avior Wealth Management LLC grew its position in RenaissanceRe by 13.1% during the third quarter. Avior Wealth Management LLC now owns 4,317 shares of the insurance provider’s stock valued at $1,176,000 after purchasing an additional 500 shares in the last quarter. Natixis Advisors LLC grew its position in RenaissanceRe by 8.3% during the third quarter. Natixis Advisors LLC now owns 15,391 shares of the insurance provider’s stock valued at $4,193,000 after purchasing an additional 1,177 shares in the last quarter. Empowered Funds LLC acquired a new position in RenaissanceRe in the 3rd quarter valued at approximately $243,000. Finally, CIBC Asset Management Inc lifted its position in RenaissanceRe by 3.6% in the 3rd quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock worth $417,000 after buying an additional 53 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at $22,890,276. This trade represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Barclays began coverage on RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price target for the company. Citigroup raised their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, JPMorgan Chase & Co. boosted their target price on shares of RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. One 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $293.00.

RenaissanceRe Trading Up 0.2 %

RenaissanceRe stock opened at $286.15 on Friday. The business’s 50-day simple moving average is $270.45 and its 200-day simple moving average is $246.30. RenaissanceRe Holdings Ltd. has a 52 week low of $188.24 and a 52 week high of $300.00. The firm has a market capitalization of $14.86 billion, a PE ratio of 4.12, a PEG ratio of 1.39 and a beta of 0.39. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The company’s quarterly revenue was up 52.1% compared to the same quarter last year. During the same period in the previous year, the company earned $8.33 earnings per share. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a $0.39 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.56 annualized dividend and a yield of 0.55%. RenaissanceRe’s dividend payout ratio is 2.25%.

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.