First Trust Advisors LP Increases Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

First Trust Advisors LP raised its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 462.8% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 864,252 shares of the insurance provider's stock after purchasing an additional 710,698 shares during the period. First Trust Advisors LP owned 1.66% of RenaissanceRe worth $215,035,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of RNR. Aster Capital Management DIFC Ltd acquired a new stake in RenaissanceRe during the fourth quarter worth approximately $27,000. SBI Securities Co. Ltd. bought a new position in shares of RenaissanceRe during the 4th quarter worth approximately $29,000. MassMutual Private Wealth & Trust FSB grew its position in shares of RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider's stock worth $30,000 after buying an additional 41 shares during the period. Jones Financial Companies Lllp increased its stake in shares of RenaissanceRe by 1,587.5% in the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock valued at $34,000 after acquiring an additional 127 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of RenaissanceRe by 71.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock valued at $39,000 after acquiring an additional 65 shares during the period. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Price Performance

Shares of RNR stock traded down $11.95 during trading hours on Thursday, hitting $228.01. 1,013,299 shares of the company's stock were exchanged, compared to its average volume of 423,027. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00. The company has a market capitalization of $11.17 billion, a PE ratio of 6.51, a PEG ratio of 2.09 and a beta of 0.29. The business's 50 day simple moving average is $237.67 and its 200-day simple moving average is $252.70. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.36 billion. On average, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.70%. This is a positive change from RenaissanceRe's previous quarterly dividend of $0.39. The ex-dividend date was Friday, March 14th. RenaissanceRe's dividend payout ratio (DPR) is presently 5.10%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on RNR shares. Barclays decreased their price target on shares of RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. raised RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target on the stock in a research note on Tuesday, April 8th. JMP Securities reissued a "market perform" rating on shares of RenaissanceRe in a research note on Thursday. Morgan Stanley lowered their target price on RenaissanceRe from $265.00 to $245.00 and set an "equal weight" rating on the stock in a research report on Friday, January 31st. Finally, Bank of America reduced their price objective on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research report on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $280.80.

RenaissanceRe 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.