Moran Wealth Management LLC Acquires New Stake 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 1st quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 9,639 shares of the insurance provider's stock, valued at approximately $2,313,000.

A number of other large investors also recently modified their holdings of the business. Aster Capital Management DIFC Ltd bought a new stake in RenaissanceRe during the fourth quarter worth about $27,000. SBI Securities Co. Ltd. bought a new stake in shares of RenaissanceRe during the 4th quarter worth approximately $29,000. Jones Financial Companies Lllp raised its stake in shares of RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock worth $34,000 after purchasing an additional 127 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of RenaissanceRe by 71.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock valued at $39,000 after buying an additional 65 shares during the last quarter. Finally, Huntington National Bank grew its stake in shares of RenaissanceRe by 179.3% in the fourth quarter. Huntington National Bank now owns 257 shares of the insurance provider's stock valued at $64,000 after buying an additional 165 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Price Performance

RNR traded up $0.61 on Thursday, hitting $241.45. 228,046 shares of the stock were exchanged, compared to its average volume of 492,835. The firm has a market capitalization of $11.75 billion, a price-to-earnings ratio of 7.70, a PEG ratio of 2.93 and a beta of 0.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.36. RenaissanceRe Holdings Ltd. has a 12 month low of $208.98 and a 12 month high of $300.00. The business has a 50-day moving average of $243.64 and a two-hundred day moving average of $243.85.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.17). RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.36 billion. During the same period last year, the business earned $12.18 earnings per share. The business's revenue was up 7.6% compared to the same quarter last year. Sell-side analysts forecast 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 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 (DPR) is presently 5.10%.

Insider Activity

In other news, CAO James Christopher Fraser sold 332 shares of the company's stock in a transaction that occurred 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 completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on RNR. 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. Barclays reduced their price objective on RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating for the company in a report on Friday, April 11th. JPMorgan Chase & Co. raised RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 target price on the stock in a research report on Tuesday, April 8th. JMP Securities reissued a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. Finally, Keefe, Bruyette & Woods boosted their price target on RenaissanceRe from $279.00 to $282.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat.com, RenaissanceRe presently has an average rating of "Hold" and an average price target of $283.60.

RenaissanceRe Company 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.