Hurley Capital LLC Makes New Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Hurley Capital LLC purchased a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 6,477 shares of the insurance provider's stock, valued at approximately $1,638,000. RenaissanceRe makes up 1.3% of Hurley Capital LLC's investment portfolio, making the stock its 21st biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in RNR. SBI Securities Co. Ltd. acquired a new position in shares of RenaissanceRe during the 4th quarter worth $29,000. MassMutual Private Wealth & Trust FSB grew its position in RenaissanceRe by 51.3% during the fourth 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 in the last quarter. Jones Financial Companies Lllp raised its holdings 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 worth $34,000 after buying an additional 127 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of RenaissanceRe by 71.4% during the fourth 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. Finally, UMB Bank n.a. boosted its position in RenaissanceRe by 40.0% in the fourth quarter. UMB Bank n.a. now owns 175 shares of the insurance provider's stock valued at $44,000 after buying an additional 50 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

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RenaissanceRe Stock Performance

Shares of RNR traded down $4.78 during mid-day trading on Thursday, reaching $234.10. The company's stock had a trading volume of 266,883 shares, compared to its average volume of 415,546. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19. The stock has a market cap of $11.47 billion, a P/E ratio of 6.66, a PEG ratio of 2.09 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 1-year low of $208.98 and a 1-year high of $300.00. The business has a 50-day simple moving average of $236.84 and a two-hundred day simple moving average of $254.83.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping analysts' consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. As a group, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from RenaissanceRe's previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a dividend yield of 0.68%. RenaissanceRe's dividend payout ratio (DPR) is currently 4.57%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. JMP Securities restated a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Keefe, Bruyette & Woods decreased their target price on RenaissanceRe from $318.00 to $294.00 and set an "outperform" rating for the company in a research report on Tuesday, February 4th. Wells Fargo & Company lowered their target price on shares of RenaissanceRe from $288.00 to $277.00 and set an "overweight" rating for the company in a research note on Thursday, January 30th. Jefferies Financial Group reissued a "hold" rating and issued a $282.00 price target (down previously from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. Finally, Barclays downgraded RenaissanceRe from an "equal weight" rating to an "underweight" rating and dropped their price objective for the stock from $284.00 to $234.00 in a research note on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $283.40.

Insiders Place Their Bets

In related news, EVP David E. Marra sold 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the transaction, the executive vice president now directly owns 79,392 shares of the company's stock, valued at approximately $20,178,270.72. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.00% of the company's stock.

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.