Oppenheimer & Co. Inc. Purchases Shares of 848 RenaissanceRe Holdings Ltd. (NYSE:RNR)

Oppenheimer & Co. Inc. purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 848 shares of the insurance provider’s stock, valued at approximately $231,000.

A number of other hedge funds have also recently made changes to their positions in RNR. Victory Capital Management Inc. raised its position in RenaissanceRe by 3.7% in the 3rd quarter. Victory Capital Management Inc. now owns 23,011 shares of the insurance provider’s stock worth $6,268,000 after purchasing an additional 824 shares during the period. Crossmark Global Holdings Inc. increased its holdings in shares of RenaissanceRe by 22.7% in the third quarter. Crossmark Global Holdings Inc. now owns 4,142 shares of the insurance provider’s stock worth $1,128,000 after buying an additional 766 shares during the period. Mesirow Financial Investment Management Inc. bought a new stake in shares of RenaissanceRe in the 3rd quarter valued at about $210,000. Bridges Investment Management Inc. lifted its stake in shares of RenaissanceRe by 12.3% in the 3rd quarter. Bridges Investment Management Inc. now owns 5,100 shares of the insurance provider’s stock valued at $1,389,000 after acquiring an additional 560 shares during the last quarter. Finally, Assetmark Inc. boosted its holdings in RenaissanceRe by 115.3% during the 3rd quarter. Assetmark Inc. now owns 81,006 shares of the insurance provider’s stock valued at $22,066,000 after acquiring an additional 43,384 shares during the period. 99.97% of the stock is currently owned by institutional investors.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the transaction, the executive vice president now owns 82,044 shares in the company, valued at $22,890,276. This represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Barclays assumed coverage on RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price target on the stock. Wells Fargo & Company upped their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Citigroup raised their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Keefe, Bruyette & Woods lowered their price objective on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating for the company in a research note on Tuesday, November 12th. Finally, Bank of America raised their target price on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $293.00.

RenaissanceRe Trading Up 2.8 %

RNR opened at $271.96 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. RenaissanceRe Holdings Ltd. has a 52 week low of $188.24 and a 52 week high of $300.00. The stock has a market cap of $14.13 billion, a PE ratio of 3.92, a PEG ratio of 1.33 and a beta of 0.39. The business has a 50 day moving average of $268.86 and a 200-day moving average of $244.71.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The company’s quarterly revenue was up 52.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $8.33 EPS. Equities research analysts predict that RenaissanceRe Holdings Ltd. will post 40.57 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.39 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.57%. RenaissanceRe’s dividend payout ratio is currently 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.