Norges Bank Purchases New Shares in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Norges Bank acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 697,441 shares of the insurance provider’s stock, valued at approximately $173,530,000. Norges Bank owned about 1.34% of RenaissanceRe at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in RNR. Impax Asset Management Group plc grew its position in RenaissanceRe by 10.8% in the 4th 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 in the last quarter. Rockefeller Capital Management L.P. bought a new position in shares of RenaissanceRe in the third quarter valued at approximately $3,684,000. Geode Capital Management LLC increased its position in shares of RenaissanceRe by 2.9% during the third quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock valued at $250,892,000 after acquiring an additional 25,773 shares during the last quarter. HighTower Advisors LLC boosted its position in RenaissanceRe by 47.8% in the third quarter. HighTower Advisors LLC now owns 12,224 shares of the insurance provider’s stock worth $3,342,000 after purchasing an additional 3,954 shares during the last quarter. Finally, World Investment Advisors LLC bought a new position in RenaissanceRe in the 3rd quarter valued at $16,176,000. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Trading Down 1.7 %

Shares of RNR opened at $242.46 on Monday. The business’s 50-day moving average price is $239.76 and its 200-day moving average price is $256.53. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. RenaissanceRe Holdings Ltd. has a twelve month low of $208.98 and a twelve month high of $300.00. The stock has a market cap of $11.88 billion, a PE ratio of 6.92, a P/E/G ratio of 2.09 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. On average, equities analysts forecast 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. Shareholders of record on Friday, March 14th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, March 14th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 0.66%. RenaissanceRe’s payout ratio is presently 4.57%.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the transaction, the executive vice president now directly owns 79,392 shares in the company, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RNR. Barclays lowered shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and lowered their price objective for the stock from $284.00 to $234.00 in a research report on Monday, January 6th. Keefe, Bruyette & Woods dropped their price objective on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 4th. Morgan Stanley decreased their target price on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a research report on Friday, January 31st. Bank of America lowered their target price on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a research note on Wednesday, March 26th. Finally, JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $283.40.

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.