Summit Financial LLC Makes New $3.13 Million Investment in 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 bought a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 13,044 shares of the insurance provider's stock, valued at approximately $3,131,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brooklyn Investment Group boosted its holdings in RenaissanceRe by 151.7% in the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock worth $35,000 after acquiring an additional 88 shares during the period. Tsfg LLC acquired a new position in shares of RenaissanceRe in the first quarter worth about $40,000. LRI Investments LLC grew its stake 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 acquiring an additional 141 shares in the last quarter. UMB Bank n.a. grew its stake 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 acquiring an additional 289 shares in the last quarter. Finally, State of Wyoming acquired a new stake in shares of RenaissanceRe during the 4th quarter valued at about $175,000. Institutional investors and hedge funds own 99.97% of the company's stock.

RenaissanceRe Trading Up 0.4%

Shares of NYSE RNR traded up $0.90 during trading on Wednesday, reaching $245.49. The company had a trading volume of 199,070 shares, compared to its average volume of 475,841. The company's fifty day moving average price is $241.50 and its 200-day moving average price is $240.56. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The stock has a market cap of $11.56 billion, a P/E ratio of 6.27, a PEG ratio of 2.41 and a beta of 0.29. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23.

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

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is currently 4.09%.

Analyst Ratings Changes

Several research analysts have commented on RNR shares. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Barclays increased their target price on RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. UBS Group increased their price objective on RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Finally, Citigroup started coverage on RenaissanceRe in a research note on Wednesday, August 13th. They set a "buy" rating and a $288.00 target price for the company. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of "Hold" and an average target price of $282.09.

RenaissanceRe 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.