Gateway Investment Advisers LLC Acquires 375 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Defense World · Sep 23, 2022 06:01

Gateway Investment Advisers LLC raised its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) by 1.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 34,740 shares of the insurance provider's stock after purchasing an additional 375 shares during the period. Gateway Investment Advisers LLC owned 0.08% of RenaissanceRe worth $5,432,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RNR. Capital World Investors raised its position in shares of RenaissanceRe by 5.4% during the first quarter. Capital World Investors now owns 2,550,441 shares of the insurance provider's stock worth $404,270,000 after acquiring an additional 129,891 shares during the last quarter. Southeastern Asset Management Inc. TN raised its holdings in RenaissanceRe by 16.9% during the 4th quarter. Southeastern Asset Management Inc. TN now owns 1,062,630 shares of the insurance provider's stock worth $179,935,000 after purchasing an additional 153,677 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of RenaissanceRe by 25.4% in the 1st quarter. JPMorgan Chase & Co. now owns 1,030,743 shares of the insurance provider's stock worth $163,382,000 after purchasing an additional 208,690 shares during the period. Gladstone Capital Management LLP boosted its stake in shares of RenaissanceRe by 18.0% in the 1st quarter. Gladstone Capital Management LLP now owns 991,194 shares of the insurance provider's stock valued at $157,114,000 after purchasing an additional 151,079 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of RenaissanceRe by 93.9% during the first quarter. Bank of New York Mellon Corp now owns 923,936 shares of the insurance provider's stock worth $146,454,000 after buying an additional 447,540 shares during the period. 94.94% of the stock is owned by institutional investors and hedge funds.

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Insider Activity

In other news, Director Brian Gerald John Gray bought 7,500 shares of the business's stock in a transaction that occurred on Wednesday, August 10th. The shares were bought at an average cost of $130.62 per share, for a total transaction of $979,650.00. Following the acquisition, the director now directly owns 23,621 shares in the company, valued at $3,085,375.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.30% of the company's stock.

RenaissanceRe Stock Down 0.4 %

Shares of NYSE RNR opened at $138.54 on Friday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.23. The firm has a market cap of $6.06 billion, a PE ratio of -6.38 and a beta of 0.38. The company's fifty day simple moving average is $136.92 and its 200 day simple moving average is $145.93. RenaissanceRe Holdings Ltd. has a 12-month low of $124.18 and a 12-month high of $174.54.

RenaissanceRe (NYSE:RNR – Get Rating) last released its quarterly earnings data on Monday, July 25th. The insurance provider reported $5.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.11 by $0.40. RenaissanceRe had a negative net margin of 19.70% and a positive return on equity of 3.88%. The company had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the prior year, the firm earned $5.64 EPS. The business's revenue was up 23.2% on a year-over-year basis. As a group, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 14.44 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be paid a $0.37 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $1.48 dividend on an annualized basis and a yield of 1.07%. RenaissanceRe's dividend payout ratio (DPR) is presently -6.81%.

Wall Street Analysts Forecast Growth

RNR has been the topic of several recent analyst reports. Jefferies Financial Group lowered shares of RenaissanceRe from a "buy" rating to a "hold" rating and dropped their target price for the company from $173.00 to $162.00 in a report on Tuesday, July 12th. Morgan Stanley dropped their price objective on RenaissanceRe from $162.00 to $150.00 and set an "equal weight" rating on the stock in a research note on Friday, August 19th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, RenaissanceRe presently has a consensus rating of "Hold" and a consensus price target of $176.67.

RenaissanceRe Profile

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RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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.