Moran Wealth Management LLC Buys New Shares in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Moran Wealth Management LLC purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 9,639 shares of the insurance provider's stock, valued at approximately $2,313,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Principal Securities Inc. boosted its holdings in RenaissanceRe by 11.9% during the fourth quarter. Principal Securities Inc. now owns 565 shares of the insurance provider's stock worth $141,000 after buying an additional 60 shares in the last quarter. Private Advisor Group LLC boosted its holdings in RenaissanceRe by 11.7% during the fourth quarter. Private Advisor Group LLC now owns 2,851 shares of the insurance provider's stock worth $709,000 after buying an additional 298 shares in the last quarter. Amalgamated Bank boosted its holdings in RenaissanceRe by 1.5% during the fourth quarter. Amalgamated Bank now owns 25,176 shares of the insurance provider's stock worth $6,264,000 after buying an additional 378 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in RenaissanceRe during the fourth quarter worth about $7,986,000. Finally, Versor Investments LP purchased a new stake in RenaissanceRe during the fourth quarter worth about $931,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CAO James Christopher Fraser sold 332 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now 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 filing with the SEC, which is available at the SEC website. Company insiders own 2.00% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of RenaissanceRe from $279.00 to $282.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Bank of America decreased their price objective on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a report on Wednesday, March 26th. Wells Fargo & Company decreased 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. Jefferies Financial Group decreased 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. Finally, Barclays decreased 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. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $283.60.

RenaissanceRe Trading Down 0.2%

Shares of RenaissanceRe stock traded down $0.38 during mid-day trading on Friday, hitting $241.23. 572,366 shares of the stock were exchanged, compared to its average volume of 444,113. The stock has a market capitalization of $11.74 billion, a price-to-earnings ratio of 7.69, a price-to-earnings-growth ratio of 2.89 and a beta of 0.31. RenaissanceRe Holdings Ltd. has a twelve month low of $208.98 and a twelve month high of $300.00. 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 company has a 50-day simple moving average of $243.65 and a 200 day simple moving average of $243.06.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted 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). The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The business's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $12.18 EPS. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date of this dividend is Friday, June 13th. RenaissanceRe's dividend payout ratio is presently 5.10%.

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.