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

BTS Asset Management Inc. purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,873 shares of the insurance provider's stock, valued at approximately $450,000. RenaissanceRe comprises about 0.5% of BTS Asset Management Inc.'s portfolio, making the stock its 14th biggest position.

Several other hedge funds also recently made changes to their positions in the business. Autumn Glory Partners LLC boosted its holdings in RenaissanceRe by 100.0% during the fourth quarter. Autumn Glory Partners LLC now owns 2,000 shares of the insurance provider's stock worth $498,000 after purchasing an additional 1,000 shares during the last quarter. Principal Securities Inc. lifted its position in RenaissanceRe by 11.9% during the 4th quarter. Principal Securities Inc. now owns 565 shares of the insurance provider's stock worth $141,000 after buying an additional 60 shares in the last quarter. CIBC Asset Management Inc boosted its stake in shares of RenaissanceRe by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 1,610 shares of the insurance provider's stock worth $401,000 after buying an additional 80 shares during the last quarter. Venturi Wealth Management LLC grew its stake in RenaissanceRe by 2,420.0% in the fourth quarter. Venturi Wealth Management LLC now owns 1,008 shares of the insurance provider's stock valued at $251,000 after purchasing an additional 968 shares in the last quarter. Finally, Kestra Investment Management LLC grew its stake in shares of RenaissanceRe by 46.1% in the fourth quarter. Kestra Investment Management LLC now owns 1,991 shares of the insurance provider's stock valued at $495,000 after buying an additional 628 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

Insider Buying and Selling

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer now directly owns 27,154 shares in the company, valued at $6,776,009.16. This represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.30% of the stock is currently owned by company insiders.

RenaissanceRe Stock Performance

Shares of RNR traded down $2.93 during midday trading on Friday, reaching $244.03. 239,895 shares of the stock were exchanged, compared to its average volume of 437,497. 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 stock's 50 day simple moving average is $241.97 and its 200 day simple moving average is $246.37. RenaissanceRe Holdings Ltd. has a twelve month low of $208.98 and a twelve month high of $300.00. The company has a market cap of $11.87 billion, a P/E ratio of 6.97, a PEG ratio of 2.09 and a beta of 0.31.

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

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. The ex-dividend date is Friday, June 13th. RenaissanceRe's dividend payout ratio (DPR) is currently 5.10%.

Analysts Set New Price Targets

RNR has been the subject of several recent analyst reports. Bank of America cut their target price on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research note on Wednesday, March 26th. Morgan Stanley set a $285.00 target price on RenaissanceRe and gave the stock an "overweight" rating in a research note on Monday, May 19th. JPMorgan Chase & Co. raised RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 target price on the stock in a report on Tuesday, April 8th. Wells Fargo & Company cut their price target on RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, April 24th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, RenaissanceRe has a consensus rating of "Hold" and an average price target of $283.60.

About RenaissanceRe

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.