Raymond James Financial Inc. Has $8.94 Million Stock Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Raymond James Financial Inc. increased its holdings in RenaissanceRe Holdings Ltd. by 9.1%, now owning approximately 37,249 shares valued at around $8.94 million.
• Deutsche Bank AG and other institutional investors have also shown increased interest, with Deutsche Bank boosting its stake by 4.2% in the last quarter.
• RenaissanceRe announced a quarterly dividend of $0.40 per share, set to be paid on September 30th, with an ex-dividend date of September 15th, resulting in a 0.7% yield.

Raymond James Financial Inc. raised its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 9.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 37,249 shares of the insurance provider's stock after acquiring an additional 3,094 shares during the period. Raymond James Financial Inc. owned approximately 0.08% of RenaissanceRe worth $8,940,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in RNR. Tsfg LLC bought a new stake in shares of RenaissanceRe during the 1st quarter valued at $40,000. LRI Investments LLC raised its position in shares of RenaissanceRe by 116.5% during the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock valued at $63,000 after acquiring an additional 141 shares during the last quarter. UMB Bank n.a. raised its position in shares of RenaissanceRe by 165.1% during the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock valued at $111,000 after acquiring an additional 289 shares during the last quarter. State of Wyoming bought a new stake in shares of RenaissanceRe during the 4th quarter valued at $175,000. Finally, Rossby Financial LCC bought a new stake in shares of RenaissanceRe during the 1st quarter valued at $187,000. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Down 0.3%

NYSE RNR traded down $0.64 on Thursday, reaching $245.76. The company had a trading volume of 76,165 shares, compared to its average volume of 473,260. The company's fifty day moving average is $241.46 and its 200-day moving average is $240.96. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $300.00. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. The firm has a market capitalization of $11.57 billion, a price-to-earnings ratio of 6.28, a price-to-earnings-growth ratio of 2.38 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, topping analysts' consensus estimates of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the prior year, the business posted $12.41 EPS. The company's quarterly revenue was down 2.4% on a year-over-year basis. On average, research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio is currently 4.09%.

Wall Street Analyst Weigh In

Several brokerages have commented on RNR. Wells Fargo & Company reiterated an "equal weight" rating and set a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Citigroup began coverage on shares of RenaissanceRe in a research report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price objective for the company. Morgan Stanley lowered their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research report on Monday, July 14th. Barclays upped their price objective on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $282.09.

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.