Belpointe Asset Management LLC Acquires 5,266 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Belpointe Asset Management boosted its stake in RenaissanceRe by 595% in Q4, adding 5,266 shares to hold 6,151 shares valued at about $1.73 million.
• RenaissanceRe beat expectations with EPS of $13.34 (vs. $10.59 expected) and revenue of $2.97 billion, and raised its quarterly dividend to $0.41.
• An executive sold 5,000 shares (~$1.53 million) in February, and analysts remain mixed with a consensus "Hold" rating and an average price target of $322.64.

Belpointe Asset Management LLC grew its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 595.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,151 shares of the insurance provider's stock after buying an additional 5,266 shares during the period. Belpointe Asset Management LLC's holdings in RenaissanceRe were worth $1,729,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Financial Consulate Inc. bought a new position in RenaissanceRe during the 3rd quarter worth $29,000. Farther Finance Advisors LLC increased its position in RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider's stock worth $33,000 after buying an additional 79 shares during the period. Quarry LP increased its position in RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after buying an additional 52 shares during the period. CIBC Private Wealth Group LLC increased its position in RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock worth $34,000 after buying an additional 94 shares during the period. Finally, Root Financial Partners LLC bought a new position in RenaissanceRe during the 3rd quarter worth $36,000. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Down 0.8%

Shares of NYSE RNR opened at $312.65 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43. RenaissanceRe Holdings Ltd. has a 52 week low of $222.75 and a 52 week high of $318.20. The stock has a market capitalization of $13.49 billion, a P/E ratio of 5.52, a PEG ratio of 0.73 and a beta of 0.24. The stock's fifty day moving average is $300.40 and its 200 day moving average is $279.52.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, topping analysts' consensus estimates of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The company had revenue of $2.97 billion for the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter last year, the business earned $8.06 earnings per share. RenaissanceRe's revenue was up 29.6% on a year-over-year basis. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 38.38 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were given a $0.41 dividend. The ex-dividend date was Friday, March 13th. This is an increase from RenaissanceRe's previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe's dividend payout ratio (DPR) is 2.89%.

Insider Activity at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the transaction, the executive vice president owned 73,023 shares in the company, valued at approximately $22,326,782.25. This trade represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on RNR. Barclays increased their price objective on RenaissanceRe from $310.00 to $341.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 8th. Wall Street Zen upgraded RenaissanceRe from a "hold" rating to a "buy" rating in a research report on Saturday, February 14th. Morgan Stanley cut RenaissanceRe from an "overweight" rating to an "equal weight" rating and set a $310.00 price objective on the stock. in a research report on Thursday, February 26th. The Goldman Sachs Group reiterated a "sell" rating and set a $267.00 price objective on shares of RenaissanceRe in a research report on Wednesday, January 7th. Finally, Wells Fargo & Company lowered their price objective on RenaissanceRe from $306.00 to $305.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 9th. Four research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $322.64.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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