L2 Asset Management LLC Makes New $2.02 Million Investment in RenaissanceRe Holdings Ltd. $RNR

L2 Asset Management LLC acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 6,382 shares of the insurance provider’s stock, valued at approximately $2,023,000.

Several other institutional investors have also recently made changes to their positions in RNR. Kingdom Financial Group LLC. purchased a new position in shares of RenaissanceRe during the 4th quarter worth about $36,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in RenaissanceRe in the 2nd quarter worth about $42,000. Quarry LP lifted its stake in RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 94 shares during the last quarter. Finally, Mcguire Capital Advisors Inc. purchased a new position in shares of RenaissanceRe during the fourth quarter valued at approximately $38,000. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Up 1.8%

Shares of NYSE:RNR 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 stock has a market cap of $13.69 billion, a P/E ratio of 5.65, a price-to-earnings-growth ratio of 1.18 and a beta of 0.17. The business’s 50 day moving average is $318.44 and its 200 day moving average is $305.58. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The business had revenue of $2.77 billion during the quarter. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current 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 dividend of $0.41 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.81%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. TD Cowen increased their price target on RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a report on Tuesday, July 7th. Mizuho boosted their price objective on RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. Keefe, Bruyette & Woods upped their price objective on RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. increased their target price on RenaissanceRe from $329.00 to $360.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Finally, Wells Fargo & Company lifted their target price on RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and a consensus price target of $336.33.

Insider Buying and Selling at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value 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 $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.30% of the stock is owned by insiders.

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.