Jupiter Topco LLC Makes New Investment in RenaissanceRe Holdings Ltd. $RNR

Jupiter Topco LLC acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 18,842 shares of the insurance provider’s stock, valued at approximately $5,972,000.

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

Insider Activity

In related news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the sale, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently weighed in on RNR. Cantor Fitzgerald restated an “overweight” rating on shares of RenaissanceRe in a report on Thursday, July 23rd. Barclays boosted their price objective on RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. Morgan Stanley raised their target price on RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Bank of America lifted their target price on RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Finally, Evercore set a $330.00 price target on RenaissanceRe in a report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, RenaissanceRe has an average rating of “Hold” and an average price target of $336.33.

RenaissanceRe Stock Performance

Shares of RNR opened at $327.62 on Tuesday. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $335.97. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The stock’s fifty day moving average price is $321.37 and its two-hundred day moving average price is $306.70. The firm has a market cap of $13.61 billion, a PE ratio of 5.62, a PEG ratio of 1.20 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data 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 company had revenue of $2.77 billion during the quarter. On average, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced 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 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 presently 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.