BTS Asset Management Inc. Takes $450,000 Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

BTS Asset Management Inc. acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,873 shares of the insurance provider's stock, valued at approximately $450,000. RenaissanceRe makes up about 0.5% of BTS Asset Management Inc.'s investment portfolio, making the stock its 14th biggest position.

Other hedge funds have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd acquired a new position in shares of RenaissanceRe in the 4th quarter worth approximately $27,000. SBI Securities Co. Ltd. acquired a new position in shares of RenaissanceRe in the 4th quarter worth approximately $29,000. Jones Financial Companies Lllp grew its position in shares of RenaissanceRe by 1,587.5% in the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock worth $34,000 after acquiring an additional 127 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of RenaissanceRe by 71.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock worth $39,000 after acquiring an additional 65 shares in the last quarter. Finally, Huntington National Bank grew its position 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 in the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

Insider Transactions at RenaissanceRe

In other news, CAO James Christopher Fraser sold 332 shares of the business's stock in a transaction on 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 now owns 27,154 shares of the company's stock, valued at approximately $6,776,009.16. The trade was a 1.21% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.30% of the company's stock.

RenaissanceRe Stock Performance

RenaissanceRe stock traded up $3.09 during mid-day trading on Monday, hitting $247.48. 365,900 shares of the company's stock traded hands, compared to its average volume of 437,943. The firm has a 50 day moving average price of $242.81 and a 200 day moving average price of $245.29. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. The company has a market cap of $12.04 billion, a PE ratio of 7.07, a price-to-earnings-growth ratio of 2.09 and a beta of 0.31. RenaissanceRe Holdings Ltd. has a one year low of $208.98 and a one year high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($1.17). The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.36 billion. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. The firm's revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the firm earned $12.18 EPS. On average, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date is Friday, June 13th. RenaissanceRe's dividend payout ratio is presently 5.10%.

Analysts Set New Price Targets

Several brokerages have recently commented on RNR. Keefe, Bruyette & Woods lifted their target price on RenaissanceRe from $279.00 to $282.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 29th. Bank of America reduced their price objective on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research report on Wednesday, March 26th. JPMorgan Chase & Co. upgraded RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price objective for the company in a research report on Tuesday, April 8th. Barclays reduced their price objective on RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating for the company in a research report on Friday, April 11th. Finally, Morgan Stanley set a $285.00 price objective on RenaissanceRe and gave the company an "overweight" rating in a research report on Monday, May 19th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $283.60.

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.