Park Place Capital Corp Reduces Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Park Place Capital Corp reduced its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 50.1% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207 shares of the insurance provider’s stock after selling 208 shares during the period. Park Place Capital Corp’s holdings in RenaissanceRe were worth $49,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC purchased a new position in RenaissanceRe in the 1st quarter valued at approximately $263,000. Buckley Wealth Management LLC purchased a new position in RenaissanceRe in the 1st quarter valued at approximately $217,000. Wealth Enhancement Advisory Services LLC increased its stake in RenaissanceRe by 1.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,594 shares of the insurance provider’s stock valued at $1,550,000 after purchasing an additional 78 shares in the last quarter. Riverview Trust Co purchased a new position in RenaissanceRe during the first quarter worth $26,000. Finally, Nepsis Inc. increased its position in RenaissanceRe by 2.5% during the first quarter. Nepsis Inc. now owns 90,241 shares of the insurance provider’s stock worth $21,209,000 after buying an additional 2,175 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Evercore ISI raised their price target on RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. raised their price target on RenaissanceRe from $237.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, RenaissanceRe has an average rating of “Hold” and an average price target of $249.00.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $221.06 on Tuesday. The company has a market cap of $11.69 billion, a P/E ratio of 4.88, a P/E/G ratio of 1.47 and a beta of 0.38. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 52 week low of $174.22 and a 52 week high of $239.42. The business has a fifty day simple moving average of $224.50 and a 200-day simple moving average of $220.66.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, beating analysts’ consensus estimates of $9.86 by $2.32. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.05 billion. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The business’s revenue for the quarter was up 41.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $8.16 earnings per share. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 37.17 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date was Friday, June 14th. RenaissanceRe’s payout ratio is currently 3.45%.

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.