Advisors Asset Management Inc. Invests $45,000 in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Advisors Asset Management Inc. bought a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 164 shares of the insurance provider’s stock, valued at approximately $45,000.

Other hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. purchased a new position in shares of RenaissanceRe during the 2nd quarter valued at approximately $27,000. ORG Wealth Partners LLC purchased a new position in shares of RenaissanceRe in the 3rd quarter valued at about $30,000. V Square Quantitative Management LLC acquired a new position in RenaissanceRe in the 2nd quarter worth about $31,000. UMB Bank n.a. boosted its position in RenaissanceRe by 316.7% during the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 95 shares in the last quarter. Finally, American National Bank acquired a new stake in RenaissanceRe in the second quarter valued at approximately $49,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Stock Up 0.2 %

RNR stock opened at $286.15 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. The firm has a 50-day moving average of $270.90 and a two-hundred day moving average of $246.73. RenaissanceRe Holdings Ltd. has a 12 month low of $188.24 and a 12 month high of $300.00. The company has a market cap of $14.86 billion, a price-to-earnings ratio of 4.12, a PEG ratio of 1.39 and a beta of 0.39.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, beating the consensus estimate of $7.89 by $2.34. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same quarter last year, the firm earned $8.33 earnings per share. As a group, analysts forecast that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.55%. RenaissanceRe’s dividend payout ratio is presently 2.25%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on RNR shares. Evercore ISI upped their target price on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research note on Thursday, November 7th. Wells Fargo & Company upped their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Bank of America lifted their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Barclays began coverage on shares of RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target for the company. Finally, Citigroup lifted their price objective on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $293.00.

Insider Activity

In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $269.00, for a total transaction of $269,000.00. Following the completion of the sale, the executive vice president now owns 83,044 shares in the company, valued at $22,338,836. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.30% of the company’s stock.

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.