Park Avenue Securities LLC Increases Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Park Avenue Securities LLC increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 16.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,611 shares of the insurance provider’s stock after buying an additional 504 shares during the period. Park Avenue Securities LLC’s holdings in RenaissanceRe were worth $898,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. ORG Wealth Partners LLC acquired a new position in RenaissanceRe during the third quarter worth $30,000. UMB Bank n.a. lifted its position in shares of RenaissanceRe by 316.7% in the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 95 shares in the last quarter. Advisors Asset Management Inc. purchased a new stake in shares of RenaissanceRe during the third quarter worth about $45,000. V Square Quantitative Management LLC raised its position in shares of RenaissanceRe by 29.5% in the third quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock valued at $49,000 after buying an additional 41 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of RenaissanceRe by 19.8% during the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock valued at $63,000 after buying an additional 45 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Trading Down 0.0 %

Shares of RNR stock opened at $257.38 on Wednesday. The stock has a 50-day simple moving average of $262.06 and a 200 day simple moving average of $256.06. The stock has a market capitalization of $13.37 billion, a P/E ratio of 3.71, a P/E/G ratio of 1.90 and a beta of 0.44. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. RenaissanceRe Holdings Ltd. has a fifty-two week low of $205.62 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.89 by $2.34. The company had revenue of $2.16 billion for 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 firm’s revenue was up 52.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $8.33 earnings per share. On average, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 42.29 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend was Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.25%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on RNR shares. Wells Fargo & Company reduced their target price on RenaissanceRe from $301.00 to $288.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Jefferies Financial Group restated a “hold” rating and set a $282.00 price target (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. JPMorgan Chase & Co. upped their target price on RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research report on Friday, January 3rd. Keefe, Bruyette & Woods boosted their price objective on shares of RenaissanceRe from $310.00 to $318.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Finally, Barclays cut RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $284.00 to $234.00 in a research note on Monday, January 6th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $284.00.

Insiders Place Their Bets

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the sale, the executive vice president now owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.80% of the company’s stock.

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.