Sone Capital Management LLC Purchases New Position in RenaissanceRe Holdings Ltd. $RNR

Sone Capital Management LLC purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 12,912 shares of the insurance provider’s stock, valued at approximately $4,092,000.

Several other hedge funds have also bought and sold shares of the stock. Quarry LP grew its stake in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 52 shares during the period. CIBC Private Wealth Group LLC lifted its stake in shares of RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 94 shares during the period. Kingdom Financial Group LLC. purchased a new stake in RenaissanceRe during the fourth quarter worth $36,000. Mcguire Capital Advisors Inc. purchased a new stake in RenaissanceRe during the fourth quarter worth $38,000. Finally, SBI Securities Co. Ltd. grew its position in RenaissanceRe by 33.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after buying an additional 37 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Insider Activity at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the sale, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on RNR shares. Wells Fargo & Company upped their price objective on shares of RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Mizuho lifted their price target on RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Morgan Stanley increased their price target on RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Keefe, Bruyette & Woods raised their price objective on RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Finally, Wall Street Zen downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. 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 stock. According to data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and an average target price of $336.33.

RenaissanceRe Stock Up 1.8%

RNR stock opened at $329.39 on Tuesday. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $335.97. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a 50-day simple moving average of $318.44 and a 200-day simple moving average of $305.58. The stock has a market capitalization of $13.69 billion, a P/E ratio of 5.65, a P/E/G ratio of 1.18 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The company had revenue of $2.77 billion for the quarter. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.41 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s payout ratio is currently 2.81%.

About RenaissanceRe

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.