National Wealth Management Group LLC Makes New Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

National Wealth Management Group LLC purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the third quarter, HoldingsChannel reports. The fund purchased 1,337 shares of the insurance provider’s stock, valued at approximately $364,000.

A number of other institutional investors have also modified their holdings of RNR. BNP Paribas Financial Markets lifted its position in RenaissanceRe by 5.9% during the third quarter. BNP Paribas Financial Markets now owns 11,261 shares of the insurance provider’s stock worth $3,067,000 after buying an additional 632 shares during the period. FMR LLC increased its stake in shares of RenaissanceRe by 13.8% during the 3rd quarter. FMR LLC now owns 2,687 shares of the insurance provider’s stock valued at $732,000 after acquiring an additional 326 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of RenaissanceRe by 6.4% during the 3rd quarter. Bank of Montreal Can now owns 44,549 shares of the insurance provider’s stock worth $12,002,000 after acquiring an additional 2,695 shares during the period. Independent Advisor Alliance acquired a new stake in shares of RenaissanceRe in the third quarter worth approximately $218,000. Finally, Fisher Asset Management LLC grew its holdings in RenaissanceRe by 12.3% in the third quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider’s stock valued at $22,003,000 after purchasing an additional 8,844 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Citigroup increased their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Wells Fargo & Company lifted their target price on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Evercore ISI boosted their price target on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. raised their price objective on RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Barclays started coverage on RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 target price for the company. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $293.00.

RenaissanceRe Stock Up 1.1 %

NYSE RNR opened at $285.44 on Thursday. The stock has a market cap of $14.83 billion, a PE ratio of 4.11, a P/E/G ratio of 1.36 and a beta of 0.39. The business has a 50 day moving average price of $269.50 and a two-hundred day moving average price of $245.75. RenaissanceRe Holdings Ltd. has a fifty-two week low of $188.24 and a fifty-two week high of $300.00. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, beating the consensus estimate of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the firm earned $8.33 earnings per share. The business’s quarterly revenue was up 52.1% compared to the same quarter last year. As a group, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s payout ratio is 2.25%.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now owns 82,044 shares in the company, valued at approximately $22,890,276. The trade was a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.30% of the company’s stock.

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.