Rehmann Capital Advisory Group Purchases New Shares in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Rehmann Capital Advisory Group acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 934 shares of the insurance provider’s stock, valued at approximately $256,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Impax Asset Management Group plc boosted its stake in shares of RenaissanceRe by 32.4% in the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after buying an additional 415,366 shares during the last quarter. Cooke & Bieler LP boosted its position in RenaissanceRe by 9.2% in the second quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after purchasing an additional 86,562 shares during the last quarter. Geode Capital Management LLC grew its stake in RenaissanceRe by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock valued at $250,892,000 after purchasing an additional 25,773 shares during the period. Dimensional Fund Advisors LP increased its position in shares of RenaissanceRe by 21.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after purchasing an additional 109,851 shares during the last quarter. Finally, Great Lakes Advisors LLC raised its stake in shares of RenaissanceRe by 3.1% during the 2nd quarter. Great Lakes Advisors LLC now owns 254,965 shares of the insurance provider’s stock worth $56,987,000 after purchasing an additional 7,718 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the sale, the executive vice president now owns 82,044 shares of the company’s stock, valued at approximately $22,890,276. This trade represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on RNR shares. JPMorgan Chase & Co. increased their price target on shares of RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Wells Fargo & Company raised their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Bank of America lifted their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Citigroup increased their price objective on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Finally, Evercore ISI boosted their target price on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $293.00.

RenaissanceRe Stock Performance

Shares of RNR opened at $267.82 on Friday. RenaissanceRe Holdings Ltd. has a 52-week low of $188.24 and a 52-week high of $300.00. The stock’s 50-day simple moving average is $272.33 and its 200 day simple moving average is $250.20. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a market capitalization of $13.91 billion, a price-to-earnings ratio of 3.86, a price-to-earnings-growth ratio of 1.32 and a beta of 0.41.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, beating the consensus estimate of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the prior year, the business posted $8.33 earnings per share. The company’s revenue was up 52.1% on a year-over-year basis. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe’s payout ratio is 2.25%.

RenaissanceRe Company Profile

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.