Miracle Mile Advisors LLC Invests $271,000 in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Miracle Mile Advisors LLC purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the first quarter, HoldingsChannel reports. The firm purchased 1,128 shares of the insurance provider’s stock, valued at approximately $271,000.

Other hedge funds have also modified their holdings of the company. First Trust Advisors LP increased its stake in RenaissanceRe by 462.8% in the fourth quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider’s stock valued at $215,035,000 after purchasing an additional 710,698 shares in the last quarter. Norges Bank acquired a new position in shares of RenaissanceRe in the 4th quarter valued at $173,530,000. Boston Partners increased its position in shares of RenaissanceRe by 28.5% in the 4th quarter. Boston Partners now owns 2,013,382 shares of the insurance provider’s stock valued at $500,991,000 after buying an additional 446,781 shares in the last quarter. GAMMA Investing LLC raised its stake in RenaissanceRe by 33,487.8% during the 1st quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider’s stock worth $95,040,000 after buying an additional 394,821 shares during the period. Finally, Capital World Investors lifted its holdings in RenaissanceRe by 8.8% during the fourth quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider’s stock worth $717,278,000 after acquiring an additional 233,708 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the business’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the transaction, the chief accounting officer now directly owns 27,154 shares in the company, valued at approximately $6,776,009.16. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Morgan Stanley set a $285.00 price target on RenaissanceRe and gave the stock an “overweight” rating in a report on Monday, May 19th. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, April 24th. Wells Fargo & Company dropped their target price on shares of RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Keefe, Bruyette & Woods lifted their price target on shares of RenaissanceRe from $279.00 to $282.00 and gave the company an “outperform” rating in a research note on Tuesday, April 29th. Finally, Jefferies Financial Group lowered their price objective on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating for the company in a research report on Friday, April 11th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $283.60.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $241.16 on Thursday. RenaissanceRe Holdings Ltd. has a 12 month low of $208.98 and a 12 month high of $300.00. The company’s fifty day simple moving average is $241.44 and its 200-day simple moving average is $246.60. The firm has a market cap of $11.73 billion, a PE ratio of 6.89, a P/E/G ratio of 2.09 and a beta of 0.31. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS 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 for the quarter, compared to the consensus estimate of $3.36 billion. During the same period last year, the firm earned $12.18 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. Equities research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.60 annualized dividend and a yield of 0.66%. RenaissanceRe’s payout ratio is presently 5.10%.

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.