Ameritas Investment Partners Inc. has reduced its stake in RenaissanceRe Holdings Ltd. (NYSE: RNR) by 2.0% during the second quarter of 2023. According to the company’s recent filing with the U.S. Securities and Exchange Commission (SEC), Ameritas now holds 11,991 shares of the insurance provider after selling 244 shares during this period. The value of Ameritas’s holdings in RenaissanceRe is approximately $2.91 million based on the latest filing.
Several other hedge funds have also adjusted their positions in RenaissanceRe. Hantz Financial Services Inc. significantly increased its stake by 707.1% in the second quarter, now owning 113 shares valued at $27,000 after acquiring an additional 99 shares. Similarly, IFP Advisors Inc. lifted its holdings by 160.0%, bringing its total to 117 shares worth $28,000 following a purchase of 72 shares.
In addition, Huntington National Bank enhanced its position by 80.9%, now owning 123 shares valued at $30,000. Brooklyn Investment Group also grew its holdings by 151.7% in the first quarter, now owning 146 shares worth $35,000 after buying 88 shares. Lastly, MassMutual Private Wealth & Trust FSB increased its position by 43.1%, now holding 186 shares valued at $45,000.
With these adjustments, institutional investors and hedge funds now own 99.97% of RenaissanceRe’s stock.
Stock Performance and Financial Indicators
On Tuesday, shares of RenaissanceRe opened at $254.96, reflecting a decline of 0.9%. The company boasts a market capitalization of $11.76 billion and a price-to-earnings ratio of 7.08. Other notable financial indicators include a current ratio of 1.40, a quick ratio of 1.36, and a debt-to-equity ratio of 0.21. Over the past year, RenaissanceRe has seen a stock low of $219.00 and a high of $290.78. The company’s 50-day and 200-day moving averages are $254.96 and $247.07, respectively.
In other news, RenaissanceRe has announced a quarterly dividend of $0.40 per share, scheduled for payment on December 31, 2023. Shareholders on record as of December 15, 2023 will receive this dividend, which translates to an annualized figure of $1.60 and a yield of 0.6%. The company’s dividend payout ratio stands at 4.45%.
Analyst Ratings and Market Outlook
Recent evaluations from analysts indicate mixed sentiments regarding RenaissanceRe’s stock. On October 14, 2023, the Goldman Sachs Group initiated coverage with a “sell” rating and a target price of $256.00. In contrast, Wells Fargo & Company raised its price target from $278.00 to $285.00, maintaining an “equal weight” rating. Evercore ISI set a target of $244.00 with an “in-line” rating, while Cowen reiterated a “hold” rating on the stock.
Currently, analysts have assigned RenaissanceRe an average rating of “hold,” with an average price target of $284.50, according to data from MarketBeat.com. The stock received four “buy” ratings, eleven “hold” ratings, and one “sell” rating from various analysts.
RenaissanceRe Holdings Ltd. operates within the reinsurance and insurance sectors, providing services in the United States and internationally. The company is divided into two primary segments: Property and Casualty, specializing in various reinsurance products designed to protect against natural disasters and other significant events.
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