Envestnet Asset Management Inc. Raises Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Envestnet Asset Management Inc. boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.4% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 120,129 shares of the insurance provider’s stock after purchasing an additional 1,606 shares during the period. Envestnet Asset Management Inc. owned approximately 0.23% of RenaissanceRe worth $26,850,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of RNR. American International Group Inc. grew its holdings in RenaissanceRe by 1,829.6% during the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after acquiring an additional 1,321,325 shares during the period. Vanguard Group Inc. boosted its position in RenaissanceRe by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after purchasing an additional 148,173 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of RenaissanceRe by 4.7% during the 1st quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock worth $646,806,000 after purchasing an additional 124,039 shares during the period. Impax Asset Management Group plc increased its holdings in shares of RenaissanceRe by 7.7% during the 2nd quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock valued at $286,028,000 after purchasing an additional 91,425 shares in the last quarter. Finally, Cooke & Bieler LP lifted its stake in shares of RenaissanceRe by 9.2% in the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock valued at $229,679,000 after purchasing an additional 86,562 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Insiders Place Their Bets

In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the transaction, the executive vice president now owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the transaction, the chief financial officer now owns 73,915 shares in the company, valued at $16,598,352.40. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

RenaissanceRe Price Performance

RenaissanceRe stock opened at $263.67 on Friday. The company has a fifty day simple moving average of $242.87 and a 200-day simple moving average of $231.32. The firm has a market capitalization of $13.75 billion, a price-to-earnings ratio of 5.83, a PEG ratio of 1.45 and a beta of 0.38. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 52-week low of $188.24 and a 52-week high of $268.61.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, beating analysts’ consensus estimates of $10.88 by $1.53. The company had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. On average, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 39.01 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.59%. The ex-dividend date of this dividend is Friday, September 13th. RenaissanceRe’s payout ratio is currently 3.45%.

Analyst Ratings Changes

A number of research firms have weighed in on RNR. JPMorgan Chase & Co. lifted their price objective on shares of RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Bank of America upped their price target on RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Morgan Stanley dropped their price objective on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Wells Fargo & Company reduced their target price on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Finally, Citigroup lifted their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $272.60.

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.