RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Bought by Bank of America Corp DE

Bank of America Corp DE grew its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 17.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 817,247 shares of the insurance provider's stock after purchasing an additional 124,125 shares during the quarter. Bank of America Corp DE owned approximately 1.57% of RenaissanceRe worth $203,339,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Benjamin Edwards Inc. bought a new position in RenaissanceRe during the 4th quarter worth approximately $435,000. BNP Paribas Financial Markets grew its position in RenaissanceRe by 10.5% during the fourth quarter. BNP Paribas Financial Markets now owns 12,447 shares of the insurance provider's stock valued at $3,097,000 after buying an additional 1,186 shares during the period. Ameriprise Financial Inc. lifted its holdings in RenaissanceRe by 5.4% during the fourth quarter. Ameriprise Financial Inc. now owns 71,210 shares of the insurance provider's stock valued at $17,718,000 after purchasing an additional 3,674 shares during the last quarter. Anderson Financial Strategies LLC bought a new stake in shares of RenaissanceRe during the fourth quarter valued at about $1,307,000. Finally, AXA S.A. grew its holdings in shares of RenaissanceRe by 1.9% during the fourth quarter. AXA S.A. now owns 17,905 shares of the insurance provider's stock worth $4,455,000 after purchasing an additional 336 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

Insider Transactions at RenaissanceRe

In other news, CAO James Christopher Fraser sold 332 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total value of $82,847.28. Following the completion of the sale, the chief accounting officer now directly owns 27,154 shares in the company, valued at $6,776,009.16. This represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.30% of the company's stock.

RenaissanceRe Stock Down 1.4%

Shares of RNR traded down $3.65 during trading hours on Monday, hitting $248.24. The company had a trading volume of 309,987 shares, compared to its average volume of 426,318. The company's fifty day moving average price is $239.86 and its two-hundred day moving average price is $249.71. RenaissanceRe Holdings Ltd. has a one year low of $208.98 and a one year high of $300.00. The company has a market capitalization of $12.08 billion, a PE ratio of 7.09, a price-to-earnings-growth ratio of 2.09 and a beta of 0.34. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $3.36 billion. During the same period 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. As a group, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced 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. The ex-dividend date is Friday, June 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.64%. RenaissanceRe's payout ratio is 5.10%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Jefferies Financial Group cut their target price on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target on the stock in a research note on Tuesday, April 8th. Bank of America lowered their price objective on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a research report on Wednesday, March 26th. Keefe, Bruyette & Woods lifted their price objective on RenaissanceRe from $279.00 to $282.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Finally, Wells Fargo & Company decreased their target price on RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $282.60.

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.