L2 Asset Management LLC Purchases 1,896 Shares of RenaissanceRe Holdings Ltd. $RNR

L2 Asset Management LLC boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 56.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 5,246 shares of the insurance provider’s stock after buying an additional 1,896 shares during the period. L2 Asset Management LLC’s holdings in RenaissanceRe were worth $1,475,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in RenaissanceRe by 39.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after buying an additional 2,737 shares during the period. Millennium Management LLC acquired a new stake in RenaissanceRe during the 1st quarter worth approximately $15,289,000. Jones Financial Companies Lllp raised its holdings in RenaissanceRe by 900.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock worth $324,000 after buying an additional 1,215 shares during the period. Goldman Sachs Group Inc. raised its holdings in RenaissanceRe by 72.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock worth $13,725,000 after buying an additional 24,027 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in RenaissanceRe by 18.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock worth $107,000 after buying an additional 69 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RNR has been the topic of several research analyst reports. Bank of America dropped their target price on shares of RenaissanceRe to $426.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Morgan Stanley downgraded shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 target price on the stock. in a report on Thursday, February 26th. Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $335.00 to $345.00 in a report on Wednesday, June 10th. Cantor Fitzgerald upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $306.00 to $340.00 in a report on Thursday, April 9th. Finally, UBS Group lifted their price objective on shares of RenaissanceRe from $319.00 to $326.00 and gave the company a “neutral” rating in a report on Monday, May 4th. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, RenaissanceRe presently has an average rating of “Hold” and an average price target of $323.64.

RenaissanceRe Price Performance

NYSE RNR opened at $297.53 on Tuesday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $318.20. The company has a market capitalization of $12.68 billion, a PE ratio of 4.96, a price-to-earnings-growth ratio of 1.13 and a beta of 0.19. The firm’s 50 day moving average is $298.95 and its 200-day moving average is $289.81.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The company had revenue of $2.19 billion for the quarter. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, June 15th. RenaissanceRe’s payout ratio is presently 2.73%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.