Envestnet Portfolio Solutions Inc. Has $668,000 Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Envestnet Portfolio Solutions Inc. lessened its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 38.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,783 shares of the insurance provider's stock after selling 1,758 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in RenaissanceRe were worth $668,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. AMG National Trust Bank raised its holdings in RenaissanceRe by 1.3% in the 4th quarter. AMG National Trust Bank now owns 4,688 shares of the insurance provider's stock worth $1,166,000 after acquiring an additional 59 shares during the period. Bessemer Group Inc. raised its holdings in RenaissanceRe by 5.8% in the 4th quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider's stock worth $274,000 after acquiring an additional 61 shares during the period. Independent Advisor Alliance raised its holdings in RenaissanceRe by 7.7% in the 4th quarter. Independent Advisor Alliance now owns 864 shares of the insurance provider's stock worth $215,000 after acquiring an additional 62 shares during the period. Smartleaf Asset Management LLC raised its holdings in 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 during the period. Finally, Fifth Third Bancorp raised its holdings in RenaissanceRe by 1.2% in the 1st quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock worth $1,584,000 after acquiring an additional 79 shares during the period. Institutional investors and hedge funds own 99.97% of the company's stock.

Wall Street Analysts Forecast Growth

RNR has been the topic of several research reports. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price objective on the stock in a report on Tuesday, April 8th. Morgan Stanley set a $285.00 price objective on shares of RenaissanceRe and gave the stock an "overweight" rating in a report on Monday, May 19th. Wells Fargo & Company dropped their price objective on shares of RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Barclays dropped their price objective on shares of RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating on the stock in a report on Friday, April 11th. Finally, Jefferies Financial Group dropped their price objective on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $283.60.

RenaissanceRe Stock Performance

NYSE RNR opened at $241.45 on Friday. The firm's fifty day moving average price is $243.65 and its two-hundred day moving average price is $243.62. The stock has a market cap of $11.75 billion, a PE ratio of 7.70, a PEG ratio of 2.89 and a beta of 0.31. RenaissanceRe Holdings Ltd. has a fifty-two week low of $208.98 and a fifty-two week high of $300.00. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.36 and a current ratio of 1.36.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.17). The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.36 billion. RenaissanceRe had a return on equity of 15.90% and a net margin of 13.26%. RenaissanceRe's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm posted $12.18 EPS. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. RenaissanceRe's dividend payout ratio is currently 5.10%.

Insider Activity

In other news, CAO James Christopher Fraser sold 332 shares of the business's 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 completion of the sale, the chief accounting officer now directly owns 27,154 shares of the company's stock, valued at $6,776,009.16. The trade was a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.30% of the company's stock.

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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