Evolve Private Wealth LLC Invests $2.79 Million in RenaissanceRe Holdings Ltd. $RNR

Evolve Private Wealth LLC acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 8,793 shares of the insurance provider’s stock, valued at approximately $2,786,000.

A number of other hedge funds and other institutional investors have also modified their holdings of RNR. Kingdom Financial Group LLC. acquired a new position in RenaissanceRe during the fourth quarter valued at approximately $36,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in RenaissanceRe in the second quarter valued at approximately $42,000. Quarry LP increased its position in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC increased its position in shares of RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 94 shares during the last quarter. Finally, Mcguire Capital Advisors Inc. bought a new stake in shares of RenaissanceRe during the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RNR shares. Mizuho increased their price objective on RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. TD Cowen upped their price target on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a research report on Tuesday, July 7th. Weiss Ratings cut shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, August 17th. Cantor Fitzgerald reissued an “overweight” rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. Finally, Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $336.33.

RenaissanceRe Stock Up 0.6%

RNR stock opened at $324.18 on Friday. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $335.97. The business’s 50 day simple moving average is $317.81 and its 200 day simple moving average is $305.13. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $13.47 billion, a PE ratio of 5.56, a PEG ratio of 1.18 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The business had revenue of $2.77 billion during the quarter. As a group, research analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.41 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio is presently 2.81%.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the sale, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.30% of the company’s stock.

RenaissanceRe Company Profile

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.