World Investment Advisors LLC Makes New Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

World Investment Advisors LLC purchased a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 59,385 shares of the insurance provider's stock, valued at approximately $16,176,000. World Investment Advisors LLC owned about 0.11% of RenaissanceRe at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. V Square Quantitative Management LLC increased its stake in shares of RenaissanceRe by 29.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider's stock worth $49,000 after purchasing an additional 41 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in RenaissanceRe by 19.8% in the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider's stock worth $63,000 after purchasing an additional 45 shares in the last quarter. First Citizens Bank & Trust Co. increased its position in RenaissanceRe by 4.6% during the third quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider's stock worth $292,000 after buying an additional 47 shares during the last quarter. CIBC Asset Management Inc raised its holdings in RenaissanceRe by 3.6% during the third quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider's stock valued at $417,000 after buying an additional 53 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of RenaissanceRe by 23.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider's stock worth $76,000 after buying an additional 64 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RNR. Keefe, Bruyette & Woods lowered their price objective on RenaissanceRe from $316.00 to $310.00 and set an "outperform" rating on the stock in a report on Tuesday, November 12th. Bank of America increased their price target on RenaissanceRe from $364.00 to $391.00 and gave the company a "buy" rating in a report on Thursday, October 10th. StockNews.com cut shares of RenaissanceRe from a "buy" rating to a "hold" rating in a research note on Tuesday, October 22nd. Barclays began coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They issued an "equal weight" rating and a $287.00 target price on the stock. Finally, Wells Fargo & Company upped their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an "overweight" rating in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of "Hold" and an average price target of $293.00.

RenaissanceRe Stock Performance

RNR stock traded down $2.55 during midday trading on Thursday, hitting $268.23. The stock had a trading volume of 320,378 shares, compared to its average volume of 359,993. RenaissanceRe Holdings Ltd. has a 52 week low of $188.24 and a 52 week high of $300.00. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. The stock has a 50-day simple moving average of $272.68 and a 200 day simple moving average of $249.80. The firm has a market capitalization of $13.93 billion, a price-to-earnings ratio of 3.91, a P/E/G ratio of 1.36 and a beta of 0.41.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued 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. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The firm's revenue was up 52.1% on a year-over-year basis. During the same period in the previous year, the business earned $8.33 EPS. As a group, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.58%. RenaissanceRe's dividend payout ratio (DPR) is presently 2.25%.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business's stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the transaction, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. The trade was a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is owned by insiders.

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.