First Trust Advisors LP Boosts Stock Position in RenaissanceRe Holdings Ltd. $RNR

First Trust Advisors LP boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 7.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 251,548 shares of the insurance provider’s stock after acquiring an additional 17,789 shares during the quarter. First Trust Advisors LP owned about 0.55% of RenaissanceRe worth $63,876,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Financial Consulate Inc. purchased a new stake in shares of RenaissanceRe during the third quarter worth approximately $29,000. Farther Finance Advisors LLC grew its position in RenaissanceRe by 151.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after buying an additional 79 shares during the last quarter. Root Financial Partners LLC acquired a new position in RenaissanceRe in the 3rd quarter valued at $36,000. Mather Group LLC. acquired a new position in RenaissanceRe in the 3rd quarter valued at $52,000. Finally, Smartleaf Asset Management LLC raised its position in RenaissanceRe by 191.8% during the 3rd quarter. Smartleaf Asset Management LLC now owns 248 shares of the insurance provider’s stock worth $62,000 after buying an additional 163 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on RNR shares. Barclays raised their target price on shares of RenaissanceRe from $278.00 to $304.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 8th. TD Cowen increased their price target on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a report on Thursday, February 26th. Wells Fargo & Company raised their price objective on shares of RenaissanceRe from $281.00 to $306.00 and gave the company an “equal weight” rating in a research report on Thursday, February 5th. UBS Group reaffirmed a “neutral” rating and issued a $312.00 price objective on shares of RenaissanceRe in a report on Monday, February 9th. Finally, Evercore boosted their target price on RenaissanceRe from $283.00 to $291.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 4th. Three equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and an average target price of $310.27.

Insider Activity at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the sale, the executive vice president owned 73,023 shares in the company, valued at $22,326,782.25. This represents a 6.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.00% of the stock is owned by company insiders.

RenaissanceRe Stock Performance

NYSE:RNR opened at $297.46 on Wednesday. The firm’s fifty day simple moving average is $288.29 and its 200-day simple moving average is $268.35. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The stock has a market cap of $12.94 billion, a PE ratio of 5.25, a price-to-earnings-growth ratio of 0.68 and a beta of 0.21. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $315.88.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, beating the consensus estimate of $10.59 by $2.75. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the business earned $8.06 earnings per share. The business’s revenue for the quarter was up 29.6% compared to the same quarter last year. Analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Friday, March 13th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s payout ratio is 2.82%.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.