KLP Kapitalforvaltning AS Takes $3.36 Million Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

KLP Kapitalforvaltning AS bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 13,500 shares of the insurance provider’s stock, valued at approximately $3,359,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Boston Partners lifted its holdings in RenaissanceRe by 28.5% in the fourth quarter. Boston Partners now owns 2,013,382 shares of the insurance provider’s stock valued at $500,991,000 after acquiring an additional 446,781 shares during the period. Impax Asset Management Group plc lifted its stake in shares of RenaissanceRe by 10.8% in the 4th quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock valued at $466,969,000 after purchasing an additional 182,530 shares during the period. Philadelphia Financial Management of San Francisco LLC acquired a new position in shares of RenaissanceRe in the 3rd quarter valued at $18,969,000. Northwest & Ethical Investments L.P. acquired a new stake in RenaissanceRe during the third quarter valued at $17,086,000. Finally, World Investment Advisors LLC purchased a new position in RenaissanceRe in the third quarter valued at $16,176,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Trading Up 2.1 %

Shares of RNR stock opened at $244.03 on Thursday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $208.98 and a fifty-two week high of $300.00. The firm has a market capitalization of $12.02 billion, a P/E ratio of 6.97, a PEG ratio of 2.09 and a beta of 0.38. The stock’s fifty day moving average is $240.27 and its two-hundred day moving average is $256.70. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. Research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.40 per share. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. The ex-dividend date is Friday, March 14th. RenaissanceRe’s payout ratio is currently 4.57%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on RNR shares. Keefe, Bruyette & Woods lowered their target price on shares of RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 4th. Jefferies Financial Group reiterated a “hold” rating and set a $282.00 price target (down previously from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. Morgan Stanley cut their price objective on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a research report on Friday, January 31st. Barclays lowered RenaissanceRe from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $284.00 to $234.00 in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. boosted their price target on shares of RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a report on Friday, January 3rd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, RenaissanceRe currently has an average rating of “Hold” and an average price target of $283.40.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the sale, the executive vice president now directly owns 79,392 shares in the company, valued at $20,178,270.72. This represents a 1.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company’s stock.

RenaissanceRe Company 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.