M&T Bank Corp Grows Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

M&T Bank Corp grew its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 4.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 4,516 shares of the insurance provider’s stock after purchasing an additional 190 shares during the quarter. M&T Bank Corp’s holdings in RenaissanceRe were worth $1,230,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in RNR. ORG Wealth Partners LLC acquired a new position in RenaissanceRe during the 3rd quarter valued at about $30,000. Blue Trust Inc. acquired a new position in shares of RenaissanceRe during the second quarter valued at about $27,000. UMB Bank n.a. increased its holdings in shares of RenaissanceRe by 316.7% during the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 95 shares in the last quarter. Advisors Asset Management Inc. acquired a new stake in RenaissanceRe in the 3rd quarter worth approximately $45,000. Finally, V Square Quantitative Management LLC boosted its stake in RenaissanceRe by 29.5% in the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 41 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on RNR shares. Keefe, Bruyette & Woods decreased their price target on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating for the company in a report on Tuesday, November 12th. StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Barclays assumed coverage on RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target on the stock. Evercore ISI raised their price objective on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research note on Thursday, November 7th. Finally, JPMorgan Chase & Co. upped their target price on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average target price of $293.00.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Thursday, September 26th. The shares were sold at an average price of $269.00, for a total value of $269,000.00. Following the sale, the executive vice president now owns 83,044 shares of the company’s stock, valued at approximately $22,338,836. This trade represents a 1.19 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is owned by company insiders.

RenaissanceRe Trading Down 0.2 %

Shares of NYSE:RNR opened at $267.76 on Monday. The company has a market capitalization of $13.91 billion, a PE ratio of 3.86, a PEG ratio of 1.31 and a beta of 0.41. RenaissanceRe Holdings Ltd. has a 12-month low of $188.24 and a 12-month high of $300.00. The business has a 50 day moving average of $272.33 and a two-hundred day moving average of $250.54. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.89 by $2.34. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The business’s revenue was up 52.1% compared to the same quarter last year. During the same period in the previous year, the business posted $8.33 EPS. As a group, analysts forecast that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.25%.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, 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 reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as 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.