Wealthquest Corp Invests $622,000 in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Key Points

• Wealthquest Corp acquired 2,591 shares of RenaissanceRe Holdings Ltd. (NYSE:RNR), valued at approximately $622,000, during the first quarter.
• The company recently announced a quarterly dividend of $0.40 per share, which will be paid on September 30th, with an annual yield of 0.7%.
• RenaissanceRe reported $12.29 EPS for the last quarter, surpassing analyst estimates of $10.28 but showing a decline in quarterly revenue compared to the previous year.

Wealthquest Corp bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,591 shares of the insurance provider's stock, valued at approximately $622,000.

Other institutional investors also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd acquired a new position in RenaissanceRe during the fourth quarter worth approximately $27,000. Tsfg LLC bought a new position in shares of RenaissanceRe during the first quarter valued at approximately $40,000. Huntington National Bank increased its holdings in shares of RenaissanceRe by 179.3% in the 4th quarter. Huntington National Bank now owns 257 shares of the insurance provider's stock worth $64,000 after acquiring an additional 165 shares during the period. LRI Investments LLC raised its holdings in shares of RenaissanceRe by 116.5% during the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock valued at $63,000 after buying an additional 141 shares during the last quarter. Finally, UMB Bank n.a. boosted its position in RenaissanceRe by 165.1% during the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock worth $111,000 after acquiring an additional 289 shares during the period. Institutional investors and hedge funds own 99.97% of the company's stock.

RenaissanceRe Trading Up 0.8%

NYSE RNR traded up $1.81 during mid-day trading on Tuesday, reaching $241.79. 122,391 shares of the stock were exchanged, compared to its average volume of 494,999. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a 50 day simple moving average of $242.41 and a 200-day simple moving average of $240.87. The stock has a market cap of $11.38 billion, a P/E ratio of 6.18, a P/E/G ratio of 2.48 and a beta of 0.29. 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 announced its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%. The firm had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same period last year, the firm posted $12.41 EPS. The business's revenue was down 2.4% compared to the same quarter last year. On average, analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.40 per share. The ex-dividend date is Monday, September 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. RenaissanceRe's dividend payout ratio is currently 4.09%.

Insider Activity

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value 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 trade represents a 1.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.00% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

RNR has been the subject of several recent analyst reports. Wells Fargo & Company reiterated an "equal weight" rating and issued a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. UBS Group upped their target price on RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Morgan Stanley decreased their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a report on Monday, July 14th. Keefe, Bruyette & Woods boosted their target price on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Finally, Jefferies Financial Group lowered their price objective on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $287.50.

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.