Victory Capital Management Inc. Raises Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Victory Capital Management Inc. raised its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,011 shares of the insurance provider’s stock after buying an additional 824 shares during the quarter. Victory Capital Management Inc.’s holdings in RenaissanceRe were worth $6,268,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. EntryPoint Capital LLC purchased a new position in shares of RenaissanceRe during the first quarter worth about $46,000. Wedge Capital Management L L P NC bought a new stake in RenaissanceRe during the second quarter valued at approximately $2,887,000. Intech Investment Management LLC grew its stake in RenaissanceRe by 52.9% in the 2nd quarter. Intech Investment Management LLC now owns 7,193 shares of the insurance provider’s stock worth $1,608,000 after buying an additional 2,490 shares in the last quarter. Acadian Asset Management LLC increased its holdings in shares of RenaissanceRe by 741.7% in the 1st quarter. Acadian Asset Management LLC now owns 1,111 shares of the insurance provider’s stock worth $261,000 after buying an additional 979 shares during the last quarter. Finally, Atria Investments Inc purchased a new stake in shares of RenaissanceRe during the 1st quarter valued at $1,168,000. 99.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RNR. Wells Fargo & Company upped their target price 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. Barclays initiated coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective on the stock. Citigroup increased their price objective on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. increased their price objective on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, 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 report on Tuesday, November 12th. One research 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. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and a consensus target price of $293.00.

RenaissanceRe Price Performance

RNR opened at $271.96 on Friday. The stock’s 50 day simple moving average is $268.86 and its 200 day simple moving average is $244.71. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43. RenaissanceRe Holdings Ltd. has a 1 year low of $188.24 and a 1 year high of $300.00. The firm has a market cap of $14.13 billion, a price-to-earnings ratio of 3.92, a PEG ratio of 1.33 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the company earned $8.33 EPS. RenaissanceRe’s revenue for the quarter was up 52.1% compared to the same quarter last year. As a group, analysts predict that RenaissanceRe Holdings Ltd. will post 40.57 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.57%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.25%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now owns 82,044 shares in the company, valued at approximately $22,890,276. This trade represents a 1.20 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.

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.