Envestnet Portfolio Solutions Inc. Lowers Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Envestnet Portfolio Solutions Inc. cut its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 38.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,783 shares of the insurance provider's stock after selling 1,758 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in RenaissanceRe were worth $668,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Private Advisor Group LLC grew its holdings in shares of RenaissanceRe by 11.7% in the fourth quarter. Private Advisor Group LLC now owns 2,851 shares of the insurance provider's stock valued at $709,000 after purchasing an additional 298 shares in the last quarter. Amalgamated Bank boosted its position in RenaissanceRe by 1.5% in the 4th quarter. Amalgamated Bank now owns 25,176 shares of the insurance provider's stock valued at $6,264,000 after buying an additional 378 shares during the period. Proficio Capital Partners LLC purchased a new position in RenaissanceRe in the 4th quarter valued at approximately $7,986,000. Versor Investments LP acquired a new position in shares of RenaissanceRe in the fourth quarter worth $931,000. Finally, Fisher Asset Management LLC increased its position in shares of RenaissanceRe by 3.4% during the fourth quarter. Fisher Asset Management LLC now owns 83,483 shares of the insurance provider's stock worth $20,771,000 after acquiring an additional 2,710 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Barclays decreased their target price on RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating for the company in a report on Friday, April 11th. Morgan Stanley set a $285.00 price target on RenaissanceRe and gave the company an "overweight" rating in a research report on Monday, May 19th. Bank of America decreased their price objective on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research note on Wednesday, March 26th. Keefe, Bruyette & Woods upped their target price on shares of RenaissanceRe from $279.00 to $282.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised shares of 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. 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.com, RenaissanceRe has a consensus rating of "Hold" and an average target price of $283.60.

RenaissanceRe Stock Up 0.7%

RNR stock traded up $1.64 during trading on Monday, hitting $243.10. 622,553 shares of the company's stock were exchanged, compared to its average volume of 444,827. The business has a 50-day moving average price of $243.82 and a two-hundred day moving average price of $242.89. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $11.83 billion, a price-to-earnings ratio of 7.75, a PEG ratio of 2.89 and a beta of 0.31. RenaissanceRe Holdings Ltd. has a 52-week low of $208.98 and a 52-week high of $300.00.

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

RenaissanceRe Announces Dividend

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 given a $0.40 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. RenaissanceRe's dividend payout ratio (DPR) is presently 5.10%.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the transaction, the chief accounting officer owned 27,154 shares of the company's stock, valued at approximately $6,776,009.16. This trade represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is owned by corporate insiders.

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.