Ameritas Investment Partners Inc. has decreased its holdings in RenaissanceRe Holdings Ltd. (NYSE: RNR) by 2.0% during the second quarter of the fiscal year. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now owns 11,991 shares of the insurance provider after selling 244 shares during this period. The value of Ameritas Investment Partners’ stake in RenaissanceRe is approximately $2.91 million.
Additionally, several other institutional investors have adjusted their positions in RenaissanceRe. Hantz Financial Services Inc. significantly increased its holdings by 707.1%, now owning 113 shares valued at $27,000 after acquiring an additional 99 shares. Similarly, IFP Advisors Inc. raised its holdings by 160.0%, owning 117 shares worth $28,000 following a purchase of 72 shares.
Huntington National Bank also expanded its position in RenaissanceRe by 80.9%, now holding 123 shares valued at $30,000. Brooklyn Investment Group increased its holdings by 151.7% in the first quarter, leading to ownership of 146 shares worth approximately $35,000. Finally, MassMutual Private Wealth & Trust FSB raised its stake by 43.1%, now owning 186 shares valued at $45,000. Currently, institutional investors and hedge funds own 99.97% of RenaissanceRe’s stock.
Current Performance and Dividend Announcement
On Tuesday, RenaissanceRe shares opened at $254.96. The company has a market capitalization of $11.76 billion and various financial metrics indicating stable performance, including a price-to-earnings ratio of 7.08, a PEG ratio of 2.08, and a low beta of 0.25. The stock has fluctuated between a 12-month low of $219.00 and a high of $290.78, with a 50-day moving average of $254.96.
In addition, RenaissanceRe has declared a quarterly dividend of $0.40 per share, scheduled for payment on December 31, 2023. Stockholders of record on December 15, 2023 will be eligible for this dividend, which represents an annualized dividend of $1.60 and a yield of 0.6%. The company’s dividend payout ratio stands at 4.45%.
Analysts Update Price Targets
Recent activity among equities research analysts indicates a range of opinions on RenaissanceRe’s stock. The Goldman Sachs Group commenced coverage with a “sell” rating and a target price set at $256.00. Wolfe Research also initiated coverage, providing a “peer perform” rating. Wells Fargo & Company raised its target price from $278.00 to $285.00, assigning an “equal weight” rating.
Evercore ISI has set a price target of $244.00 with an “in-line” rating. Cowen, meanwhile, reiterated a “hold” rating on the stock. Overall, MarketBeat.com reports that RenaissanceRe holds an average rating of “Hold” from analysts, with an average price target of $284.50.
RenaissanceRe Holdings Ltd. offers reinsurance and insurance products, operating through Property and Casualty and Specialty segments. The Property segment provides coverage for natural and man-made catastrophes, including hurricanes, earthquakes, and floods. As institutional investors continue to dominate its share ownership, RenaissanceRe’s strategic positioning within the market appears stable, guided by recent financial adjustments and analyst insights.
