Gallacher Capital Management LLC Makes New $280,000 Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Gallacher Capital Management LLC acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,169 shares of the insurance provider's stock, valued at approximately $280,000.

A number of other hedge funds have also made changes to their positions in RNR. Corient Private Wealth LLC boosted its stake in RenaissanceRe by 19.9% during the 4th quarter. Corient Private Wealth LLC now owns 9,247 shares of the insurance provider's stock valued at $2,299,000 after purchasing an additional 1,532 shares during the period. Teacher Retirement System of Texas lifted its position in shares of RenaissanceRe by 40.2% during the 4th quarter. Teacher Retirement System of Texas now owns 12,249 shares of the insurance provider's stock worth $3,048,000 after buying an additional 3,510 shares during the period. Virtu Financial LLC acquired a new stake in RenaissanceRe during the 4th quarter valued at $1,173,000. American Century Companies Inc. raised its position in RenaissanceRe by 19.3% in the 4th quarter. American Century Companies Inc. now owns 80,369 shares of the insurance provider's stock valued at $19,997,000 after purchasing an additional 12,979 shares during the last quarter. Finally, Sei Investments Co. raised its position in RenaissanceRe by 19.5% in the 4th quarter. Sei Investments Co. now owns 183,835 shares of the insurance provider's stock valued at $45,744,000 after purchasing an additional 29,974 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

RenaissanceRe Stock Performance

NYSE:RNR traded up $5.01 on Friday, hitting $244.01. The company's stock had a trading volume of 222,959 shares, compared to its average volume of 493,247. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.29. The stock has a fifty day moving average of $242.33 and a two-hundred day moving average of $241.54. The firm has a market capitalization of $11.87 billion, a P/E ratio of 6.20, a price-to-earnings-growth ratio of 2.78 and a beta of 0.30. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, beating the consensus estimate of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.03% and a net margin of 15.44%. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the prior year, the business earned $12.41 earnings per share. The firm's revenue for the quarter was down 2.4% on a year-over-year basis. Research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. The ex-dividend date was Friday, June 13th. RenaissanceRe's dividend payout ratio is currently 5.10%.

Insider Transactions at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer owned 27,154 shares of the company's stock, valued at $6,776,009.16. This represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Jefferies Financial Group lowered their target price on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $268.00 target price (down from $282.00) on shares of RenaissanceRe in a research note on Wednesday, July 9th. JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Finally, Barclays upped their price objective on RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $289.89.

RenaissanceRe 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.