Oakbrook Investments LLC Buys Shares of 3,400 RenaissanceRe Holdings Ltd. (RNR)

Oakbrook Investments LLC acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,400 shares of the insurance provider’s stock, valued at approximately $473,000.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of RenaissanceRe Holdings by 4,513.2% in the first quarter. BlackRock Inc. now owns 4,001,408 shares of the insurance provider’s stock valued at $578,804,000 after buying an additional 3,914,669 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of RenaissanceRe Holdings by 213.0% in the first quarter. JPMorgan Chase & Co. now owns 459,902 shares of the insurance provider’s stock valued at $66,524,000 after buying an additional 312,987 shares during the last quarter. Karp Capital Management Corp acquired a new position in shares of RenaissanceRe Holdings during the first quarter valued at about $36,703,000. Vanguard Group Inc. raised its position in shares of RenaissanceRe Holdings by 5.5% in the first quarter. Vanguard Group Inc. now owns 3,981,921 shares of the insurance provider’s stock valued at $575,984,000 after buying an additional 206,444 shares during the period. Finally, Janus Capital Management LLC raised its position in shares of RenaissanceRe Holdings by 43.5% in the first quarter. Janus Capital Management LLC now owns 366,009 shares of the insurance provider’s stock valued at $52,943,000 after buying an additional 110,891 shares during the period. 92.56% of the stock is currently owned by institutional investors.

RenaissanceRe Holdings Ltd. (NYSE:RNR) traded down 0.24% during trading on Friday, hitting $147.87. The company had a trading volume of 80,888 shares. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of 12.62 and a beta of 0.65. RenaissanceRe Holdings Ltd. has a 52-week low of $116.10 and a 52-week high of $152.00. The firm’s 50 day moving average is $141.99 and its 200-day moving average is $142.29.

RenaissanceRe Holdings (NYSE:RNR) last posted its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, beating the Zacks’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The firm had revenue of $555.75 million for the quarter, compared to the consensus estimate of $540.65 million. During the same period in the prior year, the firm posted $1.55 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. On average, equities analysts forecast that RenaissanceRe Holdings Ltd. will post $8.66 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a yield of 0.87%. RenaissanceRe Holdings’s dividend payout ratio (DPR) is 10.90%.

RenaissanceRe Holdings announced that its Board of Directors has authorized a stock buyback plan on Wednesday, May 17th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 99% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

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Several research analysts have issued reports on the company. BidaskClub upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research lowered RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $143.00 price target on shares of RenaissanceRe Holdings in a report on Wednesday, June 28th. UBS AG reiterated a “neutral” rating and issued a $145.00 price target (up previously from $139.00) on shares of RenaissanceRe Holdings in a report on Tuesday, August 1st. Finally, ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, July 28th. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $143.20.

In other news, SVP Ross Curtis sold 5,300 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $148.23, for a total value of $785,619.00. Following the transaction, the senior vice president now directly owns 98,564 shares in the company, valued at approximately $14,610,141.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kevin Odonnell sold 38,344 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the completion of the transaction, the chief executive officer now owns 208,150 shares in the company, valued at $30,791,629.50. The disclosure for this sale can be found here. Insiders have sold a total of 57,644 shares of company stock worth $8,462,507 over the last quarter. 1.80% of the stock is currently owned by insiders.

About RenaissanceRe Holdings

RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.

Institutional Ownership by Quarter for RenaissanceRe Holdings (NYSE:RNR)

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