Quantinno Capital Management LP Purchases Shares of 1,192 RenaissanceRe Holdings Ltd. (NYSE:RNR)

Quantinno Capital Management LP acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,192 shares of the insurance provider’s stock, valued at approximately $325,000.

Other hedge funds have also modified their holdings of the company. Cetera Advisors LLC acquired a new position in RenaissanceRe during the 1st quarter worth approximately $201,000. Wealth Enhancement Advisory Services LLC grew its position in RenaissanceRe by 1.3% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 6,681 shares of the insurance provider’s stock valued at $1,493,000 after purchasing an additional 87 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in RenaissanceRe by 19.8% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 4,311 shares of the insurance provider’s stock valued at $964,000 after buying an additional 713 shares during the last quarter. Blue Trust Inc. bought a new stake in RenaissanceRe during the 2nd quarter worth about $27,000. Finally, First Citizens Bank & Trust Co. bought a new stake in RenaissanceRe during the 2nd quarter worth about $229,000. 99.97% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $269.00, for a total value of $269,000.00. Following the completion of the sale, the executive vice president now directly owns 83,044 shares in the company, valued at approximately $22,338,836. The trade was a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.30% of the stock is currently owned by company insiders.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $267.76 on Monday. RenaissanceRe Holdings Ltd. has a 52 week low of $188.24 and a 52 week high of $300.00. The company has a market capitalization of $13.91 billion, a price-to-earnings ratio of 3.86, a PEG ratio of 1.31 and a beta of 0.41. The company has a 50-day simple moving average of $272.33 and a 200 day simple moving average of $250.54. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business’s revenue was up 52.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $8.33 earnings per share. On average, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s dividend payout ratio is currently 2.25%.

Wall Street Analyst Weigh In

RNR has been the topic of a number of recent research reports. Bank of America lifted their target price on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Citigroup boosted 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. Wells Fargo & Company increased their price objective on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods lowered their target price on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. Finally, Evercore ISI increased their price target on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $293.00.

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.