JPMorgan Chase & Co. Grows Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

JPMorgan Chase & Co. raised its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 3.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,718 shares of the insurance provider's stock after buying an additional 4,131 shares during the quarter. JPMorgan Chase & Co. owned about 0.23% of RenaissanceRe worth $30,036,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RNR. SBI Securities Co. Ltd. purchased a new stake in shares of RenaissanceRe during the fourth quarter valued at approximately $29,000. MassMutual Private Wealth & Trust FSB boosted its stake in RenaissanceRe by 51.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 41 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 127 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of RenaissanceRe by 71.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock worth $39,000 after purchasing an additional 65 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in shares of RenaissanceRe by 40.0% in the fourth quarter. UMB Bank n.a. now owns 175 shares of the insurance provider's stock worth $44,000 after purchasing an additional 50 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. raised shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target on the stock in a report on Tuesday, April 8th. Bank of America dropped their target price on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a report on Wednesday, March 26th. Jefferies Financial Group decreased their target price on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research note on Friday. Morgan Stanley dropped their price target on RenaissanceRe from $265.00 to $245.00 and set an "equal weight" rating on the stock in a research note on Friday, January 31st. Finally, Barclays reduced their price objective on RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating for the company in a research report on Friday. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $280.80.

Insider Buying and Selling

In other news, EVP David E. Marra sold 1,000 shares of the business's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the transaction, the executive vice president now directly owns 79,392 shares in the company, valued at $20,178,270.72. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by insiders.

RenaissanceRe Stock Performance

NYSE:RNR traded up $5.87 during mid-day trading on Friday, hitting $237.92. 524,254 shares of the company traded hands, compared to its average volume of 417,714. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. The stock's fifty day moving average price is $236.93 and its 200-day moving average price is $254.34. The firm has a market cap of $11.66 billion, a price-to-earnings ratio of 6.79, a price-to-earnings-growth ratio of 2.09 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a one year low of $208.98 and a one year high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. 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 disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.67%. This is an increase 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 4.57%.

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.