Bayesian Capital Management LP Makes New $259,000 Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bayesian Capital Management LP acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 1st quarter, Holdings Channel reports. The firm acquired 1,102 shares of the insurance provider’s stock, valued at approximately $259,000.

Several other institutional investors and hedge funds have also bought and sold shares of RNR. State of Michigan Retirement System lifted its holdings in RenaissanceRe by 2.4% in the fourth quarter. State of Michigan Retirement System now owns 12,565 shares of the insurance provider’s stock worth $2,463,000 after buying an additional 300 shares during the period. Fulton Bank N.A. lifted its holdings in RenaissanceRe by 24.0% in the fourth quarter. Fulton Bank N.A. now owns 3,436 shares of the insurance provider’s stock worth $673,000 after buying an additional 666 shares during the period. New York State Teachers Retirement System increased its stake in shares of RenaissanceRe by 1.5% during the fourth quarter. New York State Teachers Retirement System now owns 51,301 shares of the insurance provider’s stock valued at $10,055,000 after purchasing an additional 753 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of RenaissanceRe by 2,235.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 16,864 shares of the insurance provider’s stock valued at $3,305,000 after purchasing an additional 16,142 shares in the last quarter. Finally, Custom Index Systems LLC bought a new position in shares of RenaissanceRe during the fourth quarter valued at approximately $283,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RNR shares. StockNews.com raised shares of RenaissanceRe from a “hold” rating to a “buy” rating in a research note on Monday. Bank of America raised their target price on shares of RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Wells Fargo & Company decreased their target price on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Evercore ISI raised their target price on shares of RenaissanceRe from $216.00 to $218.00 and gave the company an “underperform” rating in a research note on Wednesday, May 1st. Finally, UBS Group reduced their price target on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $263.40.

Insiders Place Their Bets

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the transaction, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the transaction, the executive vice president now owns 85,544 shares in the company, valued at approximately $19,675,120. The disclosure for this sale can be found here. 1.30% of the stock is currently owned by insiders.

RenaissanceRe Price Performance

Shares of RNR opened at $231.92 on Thursday. The company has a market capitalization of $12.10 billion, a P/E ratio of 5.12, a price-to-earnings-growth ratio of 1.28 and a beta of 0.38. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a 50 day moving average of $223.93 and a 200 day moving average of $224.14. RenaissanceRe Holdings Ltd. has a twelve month low of $174.22 and a twelve month high of $239.42.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, topping analysts’ consensus estimates of $9.86 by $2.32. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the previous year, the firm posted $8.16 EPS. The firm’s revenue was up 41.3% on a year-over-year basis. As a group, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 37.54 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend was Friday, June 14th. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

About RenaissanceRe

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.