Envestnet Portfolio Solutions Inc. Has $1.60 Million Stock Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Envestnet Portfolio Solutions Inc. significantly increased its stake in RenaissanceRe Holdings Ltd. by 136.6%, holding 6,584 shares valued at approximately $1.6 million by the end of the second quarter.
• RenaissanceRe reported $12.29 EPS for the latest quarter, exceeding analysts' estimates of $10.28, although revenue at $2.77 billion fell short of expectations.
• The company announced a quarterly dividend of $0.40 per share, yielding 0.6% annually, with a reported payout ratio of 4.09%.

Envestnet Portfolio Solutions Inc. increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 136.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,584 shares of the insurance provider's stock after buying an additional 3,801 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in RenaissanceRe were worth $1,599,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Amundi lifted its position in RenaissanceRe by 18.0% during the 1st quarter. Amundi now owns 6,924 shares of the insurance provider's stock worth $1,699,000 after buying an additional 1,054 shares in the last quarter. Yorktown Management & Research Co Inc acquired a new position in RenaissanceRe during the 1st quarter valued at about $348,000. Bridges Investment Management Inc. lifted its position in 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 period. Nisa Investment Advisors LLC lifted its position in 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 period. Finally, Jane Street Group LLC lifted its position in RenaissanceRe by 1,180.7% during the 1st quarter. Jane Street Group LLC now owns 74,217 shares of the insurance provider's stock valued at $17,812,000 after purchasing an additional 68,422 shares during the period. Institutional investors and hedge funds own 99.97% of the company's stock.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $251.18 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a market cap of $11.82 billion, a PE ratio of 6.42, a price-to-earnings-growth ratio of 2.11 and a beta of 0.27. The stock has a 50-day moving average of $248.09 and a 200-day moving average of $243.70. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, beating analysts' consensus estimates of $10.28 by $2.01. The company had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.RenaissanceRe's revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $12.41 EPS. As a group, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, September 15th. RenaissanceRe's dividend payout ratio is presently 4.09%.

Analyst Ratings Changes

A number of research analysts have issued reports on RNR shares. Cowen restated a "hold" rating on shares of RenaissanceRe in a research report on Tuesday, October 7th. Wolfe Research started coverage on shares of RenaissanceRe in a research report on Monday, September 15th. They set a "peer perform" rating on the stock. Barclays set a $278.00 target price on shares of RenaissanceRe in a research report on Wednesday, October 8th. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and set a $303.00 target price on shares of RenaissanceRe in a research report on Thursday, October 9th. Four investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $283.08.

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.

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