LPL Financial LLC Purchases 910 Shares of RenaissanceRe Holdings Ltd. $RNR

LPL Financial LLC lifted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 12.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,035 shares of the insurance provider’s stock after acquiring an additional 910 shares during the quarter. LPL Financial LLC’s holdings in RenaissanceRe were worth $1,928,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in RenaissanceRe by 0.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,518 shares of the insurance provider’s stock valued at $3,244,000 after acquiring an additional 100 shares during the period. Zweig DiMenna Associates LLC acquired a new position in RenaissanceRe in the first quarter valued at about $11,136,000. Cetera Investment Advisers grew its stake in RenaissanceRe by 4.0% in the first quarter. Cetera Investment Advisers now owns 4,420 shares of the insurance provider’s stock valued at $1,061,000 after acquiring an additional 171 shares during the period. Avantax Advisory Services Inc. grew its stake in RenaissanceRe by 7.7% in the first quarter. Avantax Advisory Services Inc. now owns 2,589 shares of the insurance provider’s stock valued at $621,000 after acquiring an additional 185 shares during the period. Finally, Royce & Associates LP grew its stake in RenaissanceRe by 4.1% in the first quarter. Royce & Associates LP now owns 119,932 shares of the insurance provider’s stock valued at $28,784,000 after acquiring an additional 4,736 shares during the period. Institutional investors own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RNR. Morgan Stanley decreased their target price on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating for the company in a research note on Monday, July 14th. JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a report on Thursday, April 24th. Keefe, Bruyette & Woods boosted their price target on RenaissanceRe from $268.00 to $269.00 and gave the company a “market perform” rating in a report on Monday, July 28th. Barclays boosted their price target on RenaissanceRe from $256.00 to $273.00 and gave the company an “equal weight” rating in a report on Thursday, July 24th. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and an average target price of $282.09.

RenaissanceRe Stock Performance

RNR opened at $247.7080 on Thursday. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The firm has a market capitalization of $11.66 billion, a PE ratio of 6.33, a PEG ratio of 2.39 and a beta of 0.29. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. The business’s 50-day simple moving average is $241.39 and its 200 day simple moving average is $240.23.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.28 by $2.01. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $12.41 earnings per share. As a group, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s dividend payout ratio is currently 4.09%.

RenaissanceRe Company 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.