Janney Montgomery Scott LLC Sells 3,126 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Janney Montgomery Scott LLC decreased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 59.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,164 shares of the insurance provider's stock after selling 3,126 shares during the period. Janney Montgomery Scott LLC's holdings in RenaissanceRe were worth $519,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of RNR. Exchange Traded Concepts LLC lifted its holdings in shares of RenaissanceRe by 12.5% in the first quarter. Exchange Traded Concepts LLC now owns 3,255 shares of the insurance provider's stock worth $781,000 after buying an additional 362 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of RenaissanceRe by 1.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,847 shares of the insurance provider's stock valued at $1,643,000 after buying an additional 95 shares during the period. BTS Asset Management Inc. bought a new position in shares of RenaissanceRe in the first quarter worth about $450,000. Polianta Ltd raised its stake in shares of RenaissanceRe by 23.3% during the first quarter. Polianta Ltd now owns 5,300 shares of the insurance provider's stock valued at $1,272,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in RenaissanceRe by 1.2% during 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 in the last quarter. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $235.79 on Thursday. The stock's 50-day simple moving average is $243.76 and its 200-day simple moving average is $242.85. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.36 and a current ratio of 1.36. The firm has a market capitalization of $11.47 billion, a PE ratio of 7.52, a price-to-earnings-growth ratio of 2.93 and a beta of 0.30. RenaissanceRe Holdings Ltd. has a fifty-two week low of $208.98 and a fifty-two week high of $300.00.

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

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.40 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.68%. RenaissanceRe's payout ratio is 5.10%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wells Fargo & Company decreased their price target on RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Jefferies Financial Group dropped their target price on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Bank of America decreased their target price on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a research note on Wednesday, March 26th. Morgan Stanley set a $285.00 price target on shares of RenaissanceRe and gave the company an "overweight" rating in a research report on Monday, May 19th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $279.00 to $282.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, RenaissanceRe currently has an average rating of "Hold" and a consensus price target of $283.60.

Insiders Place Their Bets

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