Royal London Asset Management Ltd. Raises Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Royal London Asset Management Ltd. increased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,329 shares of the insurance provider’s stock after buying an additional 348 shares during the period. Royal London Asset Management Ltd. owned about 0.05% of RenaissanceRe worth $5,885,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. CWM LLC increased its position in shares of RenaissanceRe by 8.7% in the 1st quarter. CWM LLC now owns 610 shares of the insurance provider’s stock worth $143,000 after purchasing an additional 49 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of RenaissanceRe by 0.9% in the 1st quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock worth $1,342,000 after purchasing an additional 50 shares during the last quarter. Hilltop National Bank increased its position in shares of RenaissanceRe by 14.9% in the 2nd quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock worth $89,000 after purchasing an additional 52 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of RenaissanceRe by 1.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,926 shares of the insurance provider’s stock worth $965,000 after purchasing an additional 73 shares during the last quarter. Finally, Benedict Financial Advisors Inc. increased its position in shares of RenaissanceRe by 0.6% in the 1st quarter. Benedict Financial Advisors Inc. now owns 12,196 shares of the insurance provider’s stock worth $2,866,000 after purchasing an additional 77 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares in the company, valued at approximately $19,675,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total value of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares in the company, valued at approximately $19,675,120. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the completion of the sale, 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. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Trading Up 1.7 %

Shares of NYSE:RNR opened at $258.46 on Friday. The company has a 50 day moving average of $238.38 and a 200-day moving average of $229.95. The firm has a market cap of $13.48 billion, a P/E ratio of 5.71, a P/E/G ratio of 1.39 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a twelve month low of $188.24 and a twelve month high of $261.62. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping analysts’ consensus estimates of $10.88 by $1.53. The company had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. As a group, analysts anticipate that RenaissanceRe Holdings Ltd. will post 39.01 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date is Friday, September 13th. RenaissanceRe’s dividend payout ratio is currently 3.45%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RNR shares. Barclays started coverage on shares of RenaissanceRe in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 target price for the company. JPMorgan Chase & Co. boosted their target price on shares of RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Wells Fargo & Company decreased their price target on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a report on Friday, July 26th. Citigroup lifted their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Morgan Stanley decreased their price target on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.