Kestra Investment Management LLC Increases Position in RenaissanceRe Holdings Ltd. $RNR

Kestra Investment Management LLC grew its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 173.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,485 shares of the insurance provider’s stock after purchasing an additional 2,847 shares during the period. Kestra Investment Management LLC’s holdings in RenaissanceRe were worth $1,089,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of RNR. Hantz Financial Services Inc. raised its holdings in shares of RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock valued at $27,000 after buying an additional 99 shares during the period. IFP Advisors Inc grew its position in RenaissanceRe by 160.0% in the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 72 shares in the last quarter. Huntington National Bank increased its stake in RenaissanceRe by 80.9% during the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 55 shares during the period. Brooklyn Investment Group lifted its position in shares of RenaissanceRe by 151.7% during the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 88 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of RenaissanceRe by 43.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider’s stock worth $45,000 after purchasing an additional 56 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

RenaissanceRe stock opened at $272.11 on Monday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. The company has a fifty day simple moving average of $259.61 and a 200-day simple moving average of $249.14. The stock has a market cap of $12.55 billion, a P/E ratio of 7.56, a price-to-earnings-growth ratio of 1.60 and a beta of 0.26. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $274.80.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. The company had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.RenaissanceRe’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period last year, the firm earned $10.23 earnings per share. Equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, December 15th. RenaissanceRe’s dividend payout ratio (DPR) is 4.45%.

Analysts Set New Price Targets

RNR has been the subject of a number of research reports. Zacks Research upgraded shares of RenaissanceRe from a “hold” rating to a “strong-buy” rating in a report on Monday, December 8th. The Goldman Sachs Group started coverage on shares of RenaissanceRe in a research report on Tuesday, October 14th. They issued a “sell” rating and a $256.00 price target for the company. Barclays set a $278.00 price objective on RenaissanceRe in a research report on Wednesday, October 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a research note on Monday, December 8th. Finally, UBS Group boosted their target price on RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $285.92.

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.