Janney Montgomery Scott LLC Buys 2,588 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Janney Montgomery Scott LLC raised its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 104.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,068 shares of the insurance provider’s stock after acquiring an additional 2,588 shares during the period. Janney Montgomery Scott LLC’s holdings in RenaissanceRe were worth $1,381,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of RNR. Dimensional Fund Advisors LP lifted its position in shares of RenaissanceRe by 21.3% in the second quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after buying an additional 109,851 shares in the last quarter. Impax Asset Management Group plc raised 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 worth $286,028,000 after acquiring an additional 91,425 shares in the last quarter. Cooke & Bieler LP boosted its position in shares of RenaissanceRe by 9.2% during the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock valued at $229,679,000 after acquiring an additional 86,562 shares during the last quarter. Jupiter Asset Management Ltd. grew its holdings in shares of RenaissanceRe by 480.2% in the second quarter. Jupiter Asset Management Ltd. now owns 41,726 shares of the insurance provider’s stock valued at $9,326,000 after purchasing an additional 34,534 shares in the last quarter. Finally, Earnest Partners LLC increased its position in RenaissanceRe by 6.1% in the first quarter. Earnest Partners LLC now owns 578,139 shares of the insurance provider’s stock worth $135,880,000 after purchasing an additional 33,448 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Analysts Set New Price Targets

RNR has been the subject of a number of recent research reports. Evercore ISI lifted their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research note on Thursday, November 7th. Keefe, Bruyette & Woods reduced their price objective on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a research note on Tuesday. StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Barclays initiated coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 target price on the stock. Finally, Wells Fargo & Company raised their price target on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $293.00.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the sale, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. This represents a 1.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.30% of the stock is owned by insiders.

RenaissanceRe Price Performance

RenaissanceRe stock opened at $256.96 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a market cap of $13.35 billion, a price-to-earnings ratio of 3.70, a price-to-earnings-growth ratio of 1.34 and a beta of 0.39. The firm has a 50-day moving average of $267.93 and a two-hundred day moving average of $242.85. RenaissanceRe Holdings Ltd. has a 1 year low of $188.24 and a 1 year high of $300.00.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping 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%. RenaissanceRe’s revenue was up 52.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.33 earnings per share. On average, research analysts forecast that RenaissanceRe Holdings Ltd. will post 40.31 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.39 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.61%. RenaissanceRe’s payout ratio is currently 2.25%.

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.