AE Wealth Management LLC Invests $256,000 in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Key Points

• AE Wealth Management LLC acquired a new stake in RenaissanceRe Holdings, purchasing 1,068 shares valued at approximately $256,000.
• RenaissanceRe's latest earnings report revealed an EPS of $12.29, surpassing analysts' expectations, despite a 2.4% decline in revenue compared to the previous year.
• The company declared a quarterly dividend of $0.40 per share, with an ex-dividend date of September 15th, indicating a dividend yield of 0.7%.

AE Wealth Management LLC bought a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,068 shares of the insurance provider's stock, valued at approximately $256,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new stake in RenaissanceRe in the 4th quarter valued at about $27,000. Tsfg LLC purchased a new stake in shares of RenaissanceRe during the 1st quarter worth about $40,000. Huntington National Bank grew its holdings in shares of RenaissanceRe by 179.3% during the 4th quarter. Huntington National Bank now owns 257 shares of the insurance provider's stock worth $64,000 after purchasing an additional 165 shares during the period. LRI Investments LLC grew its holdings in shares of RenaissanceRe by 116.5% during the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock worth $63,000 after purchasing an additional 141 shares during the period. Finally, UMB Bank n.a. grew its holdings in shares of 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 purchasing an additional 289 shares during the period. Institutional investors and hedge funds own 99.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RNR. Morgan Stanley decreased their target price on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a report on Monday, July 14th. JPMorgan Chase & Co. raised RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target on the stock in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Finally, UBS Group upped their target price on RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of "Hold" and an average target price of $287.50.

RenaissanceRe Stock Performance

Shares of RNR stock traded up $3.22 on Tuesday, hitting $243.20. 102,426 shares of the stock traded hands, compared to its average volume of 494,866. 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 company has a market capitalization of $11.45 billion, a PE ratio of 6.21, a PEG ratio of 2.48 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $300.00. The company's fifty day moving average is $242.41 and its 200 day moving average is $240.87.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly 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. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%. The business's revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $12.41 EPS. On average, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

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

Insider Buying and Selling

In related news, CAO James Christopher Fraser sold 332 shares of the company's stock in a transaction 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 completion of the transaction, the chief accounting officer directly owned 27,154 shares in the company, valued at $6,776,009.16. This represents a 1.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is currently owned by insiders.

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.