Hurley Capital LLC Invests $1.64 Million in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Hurley Capital LLC purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 6,477 shares of the insurance provider’s stock, valued at approximately $1,638,000. RenaissanceRe comprises approximately 1.3% of Hurley Capital LLC’s holdings, making the stock its 21st largest holding.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Boston Partners lifted its holdings in RenaissanceRe by 28.5% in the 4th quarter. Boston Partners now owns 2,013,382 shares of the insurance provider’s stock valued at $500,991,000 after acquiring an additional 446,781 shares during the last quarter. Impax Asset Management Group plc boosted its position in RenaissanceRe by 10.8% during the 4th quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock worth $466,969,000 after acquiring an additional 182,530 shares during the period. Geode Capital Management LLC grew its stake in RenaissanceRe by 24.3% during the 4th quarter. Geode Capital Management LLC now owns 1,144,805 shares of the insurance provider’s stock valued at $284,907,000 after acquiring an additional 223,991 shares in the last quarter. Norges Bank purchased a new stake in shares of RenaissanceRe in the fourth quarter worth approximately $173,530,000. Finally, Sei Investments Co. lifted its position in shares of RenaissanceRe by 19.5% in the fourth quarter. Sei Investments Co. now owns 183,835 shares of the insurance provider’s stock worth $45,744,000 after purchasing an additional 29,974 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president now owns 79,392 shares of the company’s stock, valued at $20,178,270.72. The trade was a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Stock Down 5.0 %

NYSE:RNR opened at $233.04 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00. The firm has a market capitalization of $11.42 billion, a P/E ratio of 6.65, a P/E/G ratio of 2.09 and a beta of 0.29. The stock’s fifty day simple moving average is $238.43 and its 200-day simple moving average is $255.98.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. Equities research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.69%. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. The ex-dividend date was Friday, March 14th. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.57%.

Analysts Set New Price Targets

A number of research firms have issued reports on RNR. Wells Fargo & Company cut their target price on shares of RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. Bank of America cut their target price on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a report on Wednesday, March 26th. JPMorgan Chase & Co. raised their price target on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a research report on Friday, January 3rd. Jefferies Financial Group reaffirmed a “hold” rating and set a $282.00 target price (down previously from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. Finally, Morgan Stanley lowered their target price on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, RenaissanceRe currently has an average rating of “Hold” and a consensus price target of $283.40.

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.