Oppenheimer Asset Management Inc. Buys 3,074 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Oppenheimer Asset Management Inc. grew its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 32.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,528 shares of the insurance provider’s stock after purchasing an additional 3,074 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in RenaissanceRe were worth $2,800,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Jupiter Asset Management Ltd. raised its holdings in shares of RenaissanceRe by 480.2% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 41,726 shares of the insurance provider’s stock valued at $9,326,000 after purchasing an additional 34,534 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of RenaissanceRe by 19.2% in the 2nd quarter. American Century Companies Inc. now owns 50,291 shares of the insurance provider’s stock valued at $11,241,000 after purchasing an additional 8,083 shares in the last quarter. Royal London Asset Management Ltd. raised its holdings in shares of RenaissanceRe by 1.3% in the 2nd quarter. Royal London Asset Management Ltd. now owns 26,329 shares of the insurance provider’s stock valued at $5,885,000 after purchasing an additional 348 shares in the last quarter. Wedbush Securities Inc. grew its position in shares of RenaissanceRe by 31.1% in the 2nd quarter. Wedbush Securities Inc. now owns 2,655 shares of the insurance provider’s stock worth $593,000 after buying an additional 630 shares during the last quarter. Finally, TAP Consulting LLC grew its position in shares of RenaissanceRe by 7.9% in the 2nd quarter. TAP Consulting LLC now owns 11,507 shares of the insurance provider’s stock worth $2,572,000 after buying an additional 839 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Down 0.9 %

RNR stock opened at $263.63 on Wednesday. The firm’s fifty day simple moving average is $239.34 and its 200-day simple moving average is $230.27. The company has a market capitalization of $13.75 billion, a P/E ratio of 5.83, a price-to-earnings-growth ratio of 1.39 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. RenaissanceRe Holdings Ltd. has a 12 month low of $188.24 and a 12 month high of $268.61.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, beating the consensus estimate of $10.88 by $1.53. The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. As a group, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 39.01 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Friday, September 13th. RenaissanceRe’s dividend payout ratio (DPR) is currently 3.45%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on RNR. Barclays began coverage on shares of RenaissanceRe in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price objective on the stock. JPMorgan Chase & Co. lifted their price objective on shares of RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Bank of America lifted their price objective on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Wells Fargo & Company cut their price objective on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Finally, Citigroup boosted their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $272.60.

Insider Activity

In related news, CFO Robert Qutub sold 2,500 shares of the business’s 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 completion of the transaction, the chief financial officer now directly owns 73,915 shares in the company, valued at approximately $16,598,352.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Robert Qutub sold 2,500 shares of the business’s 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 completion of the transaction, the chief financial officer now directly owns 73,915 shares in the company, valued at approximately $16,598,352.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the transaction, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. The disclosure for this sale can be found here. Insiders own 1.30% of the company’s stock.

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.