TAP Consulting LLC Increases Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

TAP Consulting LLC grew its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 7.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 11,507 shares of the insurance provider’s stock after buying an additional 839 shares during the quarter. TAP Consulting LLC’s holdings in RenaissanceRe were worth $2,572,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in RNR. Victory Capital Management Inc. boosted its stake in shares of RenaissanceRe by 20.4% in the 4th quarter. Victory Capital Management Inc. now owns 23,306 shares of the insurance provider’s stock valued at $4,568,000 after buying an additional 3,944 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in RenaissanceRe by 5.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 342,500 shares of the insurance provider’s stock worth $67,130,000 after purchasing an additional 18,186 shares during the last quarter. Principal Securities Inc. purchased a new stake in RenaissanceRe during the fourth quarter worth approximately $89,000. Versor Investments LP purchased a new stake in RenaissanceRe during the fourth quarter worth approximately $314,000. Finally, BNP Paribas Financial Markets lifted its stake in RenaissanceRe by 24.6% during the fourth quarter. BNP Paribas Financial Markets now owns 8,627 shares of the insurance provider’s stock worth $1,691,000 after purchasing an additional 1,704 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of NYSE:RNR traded down $1.64 on Friday, hitting $258.27. The company had a trading volume of 221,985 shares, compared to its average volume of 235,878. 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 Holdings Ltd. has a 52-week low of $188.24 and a 52-week high of $261.62. The business has a 50 day moving average of $234.13 and a 200 day moving average of $228.86. The company has a market cap of $13.47 billion, a PE ratio of 5.71, a PEG ratio of 1.42 and a beta of 0.38.

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

RenaissanceRe Dividend Announcement

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

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the executive vice president now directly owns 85,544 shares in the company, valued at $19,675,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the sale, the executive vice president now owns 85,544 shares in the company, valued at $19,675,120. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Robert Qutub sold 2,500 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

RNR has been the subject of several recent analyst reports. Bank of America boosted their target price on RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. Wells Fargo & Company cut their price target on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. UBS Group cut their price target on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Finally, StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $265.55.

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.