Connor Clark & Lunn Investment Management Ltd. Invests $4.29 Million in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 17,244 shares of the insurance provider’s stock, valued at approximately $4,290,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Impax Asset Management Group plc increased its position in shares of RenaissanceRe by 10.8% during the fourth quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock worth $466,969,000 after acquiring an additional 182,530 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in shares of RenaissanceRe during the third quarter worth about $3,684,000. Fisher Asset Management LLC increased its position in shares of RenaissanceRe by 12.3% during the third quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider’s stock worth $22,003,000 after acquiring an additional 8,844 shares during the last quarter. Geode Capital Management LLC increased its position in shares of RenaissanceRe by 2.9% during the third quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock worth $250,892,000 after acquiring an additional 25,773 shares during the last quarter. Finally, Citigroup Inc. increased its holdings in RenaissanceRe by 367.4% in the third quarter. Citigroup Inc. now owns 30,476 shares of the insurance provider’s stock valued at $8,302,000 after buying an additional 23,956 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on RNR shares. JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a report on Thursday, January 30th. Jefferies Financial Group reissued a “hold” rating and issued a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. Wells Fargo & Company lowered their price objective on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. JPMorgan Chase & Co. boosted their price objective on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a report on Friday, January 3rd. Finally, Morgan Stanley lowered their price objective on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a report on Friday, January 31st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, RenaissanceRe has an average rating of “Hold” and an average target price of $279.90.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $239.63 on Monday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19. The stock has a 50 day simple moving average of $242.19 and a 200-day simple moving average of $257.65. The company has a market cap of $11.80 billion, a PE ratio of 6.84, a P/E/G ratio of 2.09 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00.

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

RenaissanceRe Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, March 14th. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a dividend yield of 0.67%. RenaissanceRe’s payout ratio is currently 4.57%.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.

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.