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

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Bessemer Group Inc. grew its position in shares of RenaissanceRe by 5.8% in the fourth quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider's stock valued at $274,000 after purchasing an additional 61 shares during the period. Fifth Third Bancorp grew its position in shares of RenaissanceRe by 1.2% in the first quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock valued at $1,584,000 after purchasing an additional 79 shares during the period. Seeds Investor LLC grew its position in shares of RenaissanceRe by 6.3% in the fourth quarter. Seeds Investor LLC now owns 1,385 shares of the insurance provider's stock valued at $344,000 after purchasing an additional 82 shares during the period. QRG Capital Management Inc. grew its position in shares of RenaissanceRe by 5.7% in the first quarter. QRG Capital Management Inc. now owns 1,642 shares of the insurance provider's stock valued at $394,000 after purchasing an additional 88 shares during the period. Finally, Rehmann Capital Advisory Group grew its position in shares of RenaissanceRe by 10.0% in the fourth quarter. Rehmann Capital Advisory Group now owns 1,027 shares of the insurance provider's stock valued at $243,000 after purchasing an additional 93 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

Insider Activity

In other news, CAO James Christopher Fraser sold 332 shares of RenaissanceRe stock in a transaction dated 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 directly owned 27,154 shares of the company's stock, valued at approximately $6,776,009.16. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RNR. Jefferies Financial Group reduced their target price on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Barclays lifted their target price on RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. UBS Group lifted their target price on RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a report on Monday. Finally, Keefe, Bruyette & Woods lifted their target price on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a report on Monday. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $287.50.

RenaissanceRe Trading Down 0.3%

Shares of RNR opened at $243.85 on Friday. The stock's 50-day moving average is $242.35 and its two-hundred day moving average is $241.27. The stock has a market cap of $11.48 billion, a PE ratio of 6.23, a P/E/G ratio of 2.51 and a beta of 0.30. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36.

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, topping analysts' consensus estimates of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same period in the previous year, the company earned $12.41 earnings per share. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

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

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.

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