Summit Financial LLC Acquires Shares of 13,044 RenaissanceRe Holdings Ltd. $RNR

Key Points

• Summit Financial LLC acquired 13,044 shares of RenaissanceRe Holdings Ltd. valued at approximately $3,131,000 during the first quarter.
• RenaissanceRe reported $12.29 earnings per share for its last quarter, exceeding the consensus estimate of $10.28.
• The company has announced a quarterly dividend of $0.40 per share, representing an annualized yield of 0.6%, to be paid on September 30th.

Summit Financial LLC acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 13,044 shares of the insurance provider's stock, valued at approximately $3,131,000.

Other hedge funds have also added to or reduced their stakes in the company. Brooklyn Investment Group increased its position in RenaissanceRe by 151.7% during the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 88 shares during the period. Tsfg LLC purchased a new position in RenaissanceRe during the 1st quarter valued at $40,000. LRI Investments LLC increased its position in 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 purchasing an additional 141 shares during the period. UMB Bank n.a. increased its position in 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 purchasing an additional 289 shares during the period. Finally, State of Wyoming bought a new stake in shares of RenaissanceRe during the 4th quarter valued at $175,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

RNR opened at $249.3340 on Friday. 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 stock has a market capitalization of $11.74 billion, a P/E ratio of 6.37, a P/E/G ratio of 2.43 and a beta of 0.29. The company's 50-day simple moving average is $241.44 and its two-hundred day simple moving average is $240.35. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00.

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

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is 4.09%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their target price on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. UBS Group upped their price target on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Citigroup started coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price target on the stock. Barclays upped their price target on shares of RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. Finally, Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Four 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. Based on data from MarketBeat, RenaissanceRe currently has a consensus rating of "Hold" and a consensus price target of $282.09.

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.

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