KLP Kapitalforvaltning AS Makes New $3.36 Million Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

KLP Kapitalforvaltning AS bought a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 13,500 shares of the insurance provider’s stock, valued at approximately $3,359,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Boston Partners lifted its stake in RenaissanceRe by 28.5% in the 4th quarter. Boston Partners now owns 2,013,382 shares of the insurance provider’s stock worth $500,991,000 after purchasing an additional 446,781 shares in the last quarter. Impax Asset Management Group plc increased its holdings in shares of RenaissanceRe by 10.8% in the fourth quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock worth $466,969,000 after purchasing an additional 182,530 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of RenaissanceRe by 2.9% in the third quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock worth $250,892,000 after buying an additional 25,773 shares in the last quarter. Sei Investments Co. boosted its stake in RenaissanceRe by 19.5% during the fourth quarter. Sei Investments Co. now owns 183,835 shares of the insurance provider’s stock valued at $45,744,000 after buying an additional 29,974 shares during the last quarter. Finally, Davis Selected Advisers grew its holdings in RenaissanceRe by 0.8% during the 4th quarter. Davis Selected Advisers now owns 142,313 shares of the insurance provider’s stock valued at $35,409,000 after buying an additional 1,099 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

Insiders Place Their Bets

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the sale, the executive vice president now owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on RNR shares. Bank of America lowered their target price on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a report on Friday, January 3rd. Wells Fargo & Company lowered their price target on shares of RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods lowered their price objective on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a research note on Tuesday, February 4th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $283.40.

RenaissanceRe Stock Up 2.1 %

Shares of NYSE RNR opened at $244.03 on Thursday. The stock’s fifty day simple moving average is $240.27 and its two-hundred day simple moving average is $256.70. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $12.02 billion, a PE ratio of 6.97, a price-to-earnings-growth ratio of 2.09 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating the consensus estimate of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. As a group, analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. RenaissanceRe’s dividend payout ratio (DPR) is 4.57%.

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.