Avior Wealth Management LLC Grows Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Avior Wealth Management LLC significantly increased its stake in RenaissanceRe Holdings Ltd., growing its holdings by 27,852.9% in the second quarter, bringing its total shares to 4,752.
• RenaissanceRe reported $12.29 earnings per share, beating estimates, but experienced a 2.4% decline in revenue year-over-year.
• The company declared a quarterly dividend of $0.40 per share, with a payout ratio of 4.09%, scheduled for distribution on September 30th.

Avior Wealth Management LLC grew its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 27,852.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,752 shares of the insurance provider's stock after purchasing an additional 4,735 shares during the quarter. Avior Wealth Management LLC's holdings in RenaissanceRe were worth $1,154,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Miracle Mile Advisors LLC purchased a new stake in shares of RenaissanceRe during the 1st quarter valued at $271,000. Amundi increased its position in shares of RenaissanceRe by 18.0% during the 1st quarter. Amundi now owns 6,924 shares of the insurance provider's stock valued at $1,699,000 after purchasing an additional 1,054 shares during the last quarter. Yorktown Management & Research Co Inc purchased a new stake in shares of RenaissanceRe during the 1st quarter valued at $348,000. Bridges Investment Management Inc. increased its position in shares of RenaissanceRe by 21.9% during the 1st quarter. Bridges Investment Management Inc. now owns 6,020 shares of the insurance provider's stock valued at $1,445,000 after purchasing an additional 1,080 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of RenaissanceRe by 128.4% during the 1st quarter. Nisa Investment Advisors LLC now owns 1,142 shares of the insurance provider's stock valued at $274,000 after purchasing an additional 642 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

RNR opened at $250.23 on Tuesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The stock has a market capitalization of $11.78 billion, a PE ratio of 6.39, a price-to-earnings-growth ratio of 2.46 and a beta of 0.29. The stock's 50 day moving average price is $243.11 and its 200-day moving average price is $241.98.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share 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 company 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 posted $12.41 earnings per share. The firm's revenue was down 2.4% on a year-over-year basis. On average, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 0.6%. RenaissanceRe's payout ratio is currently 4.09%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Morgan Stanley cut their price target on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Wells Fargo & Company restated an "equal weight" rating and issued a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Wolfe Research began coverage on RenaissanceRe in a research note on Monday, September 15th. They issued a "peer perform" rating for the company. Finally, Barclays lifted their price target on RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. Four analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $282.09.

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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