Wedmont Private Capital Makes New Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Wedmont Private Capital purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 900 shares of the insurance provider’s stock, valued at approximately $228,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Greenfield Savings Bank purchased a new position in RenaissanceRe in the third quarter worth approximately $230,000. GAMMA Investing LLC increased its position in shares of RenaissanceRe by 68.5% during the 3rd quarter. GAMMA Investing LLC now owns 959 shares of the insurance provider’s stock worth $261,000 after purchasing an additional 390 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in RenaissanceRe by 11.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 12,300 shares of the insurance provider’s stock valued at $3,351,000 after buying an additional 1,300 shares during the period. Sanctuary Advisors LLC acquired a new position in RenaissanceRe in the second quarter valued at about $229,000. Finally, Delphi Management Inc. MA boosted its stake in RenaissanceRe by 2.2% during the second quarter. Delphi Management Inc. MA now owns 7,512 shares of the insurance provider’s stock worth $1,679,000 after buying an additional 161 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RNR. Bank of America boosted their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research note on Thursday. Citigroup raised their price target on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday, September 6th. Wells Fargo & Company raised their target price on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Barclays started coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and a consensus price target of $289.00.

RenaissanceRe Stock Down 1.2 %

Shares of NYSE:RNR opened at $275.55 on Monday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a fifty-two week low of $188.24 and a fifty-two week high of $283.86. The stock has a market cap of $14.37 billion, a price-to-earnings ratio of 5.45, a price-to-earnings-growth ratio of 1.68 and a beta of 0.38. The firm’s 50 day moving average price is $255.54 and its 200 day moving average price is $235.14.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.88 by $1.53. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The business had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.93 billion. As a group, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 40.68 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.39 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.56 annualized dividend and a yield of 0.57%. RenaissanceRe’s dividend payout ratio is currently 3.08%.

Insiders Place Their Bets

In related news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $269.00, for a total value of $269,000.00. Following the transaction, the executive vice president now owns 83,044 shares in the company, valued at $22,338,836. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,500 shares of company stock valued at $1,339,400. 1.30% of the stock is owned by corporate insiders.

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.