Bridges Investment Management Inc. Has $1.45 Million Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bridges Investment Management Inc. lifted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 21.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 6,020 shares of the insurance provider's stock after acquiring an additional 1,080 shares during the quarter. Bridges Investment Management Inc.'s holdings in RenaissanceRe were worth $1,445,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in RNR. Nisa Investment Advisors LLC boosted its stake in RenaissanceRe by 128.4% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,142 shares of the insurance provider's stock worth $274,000 after purchasing an additional 642 shares during the period. M&T Bank Corp raised its position in RenaissanceRe by 3.1% during the first quarter. M&T Bank Corp now owns 4,151 shares of the insurance provider's stock worth $996,000 after acquiring an additional 124 shares during the period. ARGA Investment Management LP raised its position in shares of RenaissanceRe by 344.9% in the first quarter. ARGA Investment Management LP now owns 24,089 shares of the insurance provider's stock valued at $5,781,000 after buying an additional 18,675 shares during the last quarter. Lightrock Netherlands B.V. raised its position in shares of RenaissanceRe by 61.3% in the first quarter. Lightrock Netherlands B.V. now owns 29,717 shares of the insurance provider's stock valued at $7,144,000 after buying an additional 11,291 shares during the last quarter. Finally, 44 Wealth Management LLC boosted its stake in RenaissanceRe by 7.6% during the first quarter. 44 Wealth Management LLC now owns 4,587 shares of the insurance provider's stock worth $1,101,000 after buying an additional 325 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO James Christopher Fraser sold 332 shares of the firm'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 transaction of $82,847.28. Following the transaction, the chief accounting officer owned 27,154 shares of the company's stock, valued at approximately $6,776,009.16. This trade represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company's stock.

RenaissanceRe Stock Performance

Shares of NYSE:RNR traded down $0.49 on Friday, reaching $237.96. 109,540 shares of the company's stock were exchanged, compared to its average volume of 487,466. The firm has a market capitalization of $11.58 billion, a price-to-earnings ratio of 7.59, a PEG ratio of 2.89 and a beta of 0.30. RenaissanceRe Holdings Ltd. has a fifty-two week low of $210.51 and a fifty-two week high of $300.00. The business's 50-day moving average is $244.11 and its two-hundred day moving average is $242.40. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.29.

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 the consensus estimate of ($0.32) by ($1.17). The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.36 billion. RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The business's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the business posted $12.18 EPS. As a group, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend was Friday, June 13th. RenaissanceRe's payout ratio is presently 5.10%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RNR. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a report on Thursday. Bank of America cut 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. Jefferies Financial Group cut 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. Barclays upgraded shares of RenaissanceRe from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $231.00 to $256.00 in a report on Monday. Finally, JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $288.56.

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.