Miracle Mile Advisors LLC Takes Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Miracle Mile Advisors LLC purchased a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,128 shares of the insurance provider's stock, valued at approximately $271,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. UMB Bank n.a. lifted its position in RenaissanceRe by 165.1% during the first quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock valued at $111,000 after purchasing an additional 289 shares during the period. Vest Financial LLC bought a new position in shares of RenaissanceRe in the first quarter worth about $760,000. Merit Financial Group LLC purchased a new stake in RenaissanceRe during the 1st quarter valued at approximately $206,000. Rhumbline Advisers grew its stake in RenaissanceRe by 1.2% during the first quarter. Rhumbline Advisers now owns 137,005 shares of the insurance provider's stock valued at $32,881,000 after acquiring an additional 1,649 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of RenaissanceRe by 33,487.8% in the first quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock worth $95,040,000 after purchasing an additional 394,821 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Stock Performance

Shares of NYSE RNR traded up $5.37 during midday trading on Thursday, reaching $247.01. 275,952 shares of the stock were exchanged, compared to its average volume of 437,562. The firm has a market cap of $12.02 billion, a price-to-earnings ratio of 7.05, a PEG ratio of 2.09 and a beta of 0.31. 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 firm has a 50-day simple moving average of $241.44 and a two-hundred day simple moving average of $246.60. RenaissanceRe Holdings Ltd. has a twelve month low of $208.98 and a twelve month 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) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.17). The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. The firm's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the business posted $12.18 earnings per share. As a group, analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. RenaissanceRe's dividend payout ratio (DPR) is presently 5.10%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Wells Fargo & Company decreased their target price on shares of RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Jefferies Financial Group cut their price target 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. Keefe, Bruyette & Woods raised their price objective on RenaissanceRe from $279.00 to $282.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target for the company in a report on Tuesday, April 8th. Finally, Bank of America dropped their price objective on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a research report on Wednesday, March 26th. Two 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. According to MarketBeat, RenaissanceRe has a consensus rating of "Hold" and a consensus target price of $283.60.

Insider Buying and Selling at RenaissanceRe

In other news, CAO James Christopher Fraser sold 332 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value of $82,847.28. Following the transaction, the chief accounting officer now owns 27,154 shares of the company's stock, valued at $6,776,009.16. This represents a 1.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.30% of the stock is owned by company insiders.

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.