Vest Financial LLC Acquires New Shares in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Vest Financial LLC purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,168 shares of the insurance provider's stock, valued at approximately $760,000.

Several other hedge funds have also recently bought and sold shares of RNR. Bank of America Corp DE grew its holdings in shares of RenaissanceRe by 17.9% in the 4th quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock worth $203,339,000 after purchasing an additional 124,125 shares during the last quarter. Impax Asset Management Group plc lifted its holdings in RenaissanceRe by 10.8% during the 4th quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider's stock valued at $466,969,000 after purchasing an additional 182,530 shares during the last quarter. Trexquant Investment LP acquired a new position in RenaissanceRe in the fourth quarter valued at about $561,000. Deutsche Bank AG grew its stake in RenaissanceRe by 4.2% during the fourth quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider's stock worth $2,666,000 after buying an additional 431 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of RenaissanceRe during the fourth quarter worth approximately $1,086,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total value of $82,847.28. Following the sale, the chief accounting officer now directly owns 27,154 shares in the company, valued at $6,776,009.16. This trade represents a 1.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.30% of the stock is owned by corporate insiders.

RenaissanceRe Trading Up 2.2%

NYSE:RNR traded up $5.37 on Thursday, hitting $247.01. 275,952 shares of the stock were exchanged, compared to its average volume of 436,967. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. RenaissanceRe Holdings Ltd. has a 52 week low of $208.98 and a 52 week high of $300.00. The stock has a market capitalization of $12.02 billion, a price-to-earnings ratio of 7.05, a P/E/G ratio of 2.09 and a beta of 0.31. The company's 50-day moving average price is $241.44 and its 200 day moving average price is $246.60.

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 for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same quarter in the prior year, the company earned $12.18 earnings per share. The company's quarterly revenue was up 7.6% on a year-over-year basis. On average, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

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 paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date of this dividend is Friday, June 13th. RenaissanceRe's dividend payout ratio (DPR) is currently 5.10%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on RNR shares. JMP Securities reissued a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. Wells Fargo & Company cut their price objective on RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Jefferies Financial Group decreased their target price on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Bank of America lowered their target price on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research note on Wednesday, March 26th. Finally, Barclays reduced their price target on shares of RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating on the stock in a research report on Friday, April 11th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $283.60.

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.