Raymond James Financial Inc. Invests $8.50 Million in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Raymond James Financial Inc. purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 34,155 shares of the insurance provider's stock, valued at approximately $8,498,000. Raymond James Financial Inc. owned about 0.07% of RenaissanceRe at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. FIL Ltd grew its holdings in shares of RenaissanceRe by 5.1% in the fourth quarter. FIL Ltd now owns 1,033,691 shares of the insurance provider's stock valued at $257,193,000 after purchasing an additional 49,804 shares in the last quarter. Invesco Ltd. increased its holdings in shares of RenaissanceRe by 13.0% in the 4th quarter. Invesco Ltd. now owns 821,111 shares of the insurance provider's stock worth $204,301,000 after buying an additional 94,389 shares during the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of RenaissanceRe during the 4th quarter valued at about $27,000. Russell Investments Group Ltd. lifted its holdings in shares of RenaissanceRe by 38.4% in the 4th quarter. Russell Investments Group Ltd. now owns 33,836 shares of the insurance provider's stock valued at $8,419,000 after acquiring an additional 9,383 shares during the last quarter. Finally, Hurley Capital LLC purchased a new position in RenaissanceRe in the fourth quarter worth about $1,638,000. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Performance

Shares of NYSE:RNR opened at $243.62 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. The firm has a market cap of $11.94 billion, a PE ratio of 6.96, a price-to-earnings-growth ratio of 2.09 and a beta of 0.29. The firm's 50 day simple moving average is $237.49 and its 200-day simple moving average is $252.79. 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 issued its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, beating 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 analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.40 per share. This is an increase from RenaissanceRe's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. RenaissanceRe's dividend payout ratio (DPR) is 4.57%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Keefe, Bruyette & Woods lowered their price objective on RenaissanceRe from $318.00 to $294.00 and set an "outperform" rating for the company in a research note on Tuesday, February 4th. Morgan Stanley dropped their price objective on shares of RenaissanceRe from $265.00 to $245.00 and set an "equal weight" rating for the company in a research note on Friday, January 31st. JPMorgan Chase & Co. raised shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 target price on the stock in a research note on Tuesday, April 8th. Bank of America dropped their price target on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research note on Wednesday, March 26th. Finally, JMP Securities reissued a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $280.80.

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.

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