Cresset Asset Management LLC Boosts Stock Position in RenaissanceRe Holdings Ltd. $RNR

Cresset Asset Management LLC raised its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 15.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,558 shares of the insurance provider’s stock after purchasing an additional 213 shares during the quarter. Cresset Asset Management LLC’s holdings in RenaissanceRe were worth $374,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Tsfg LLC purchased a new stake in RenaissanceRe during the 1st quarter valued at about $40,000. LRI Investments LLC grew its stake in RenaissanceRe by 116.5% during the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 141 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of RenaissanceRe by 165.1% in the first quarter. UMB Bank n.a. now owns 464 shares of the insurance provider’s stock worth $111,000 after buying an additional 289 shares during the last quarter. State of Wyoming acquired a new stake in RenaissanceRe during the fourth quarter worth about $175,000. Finally, Rossby Financial LCC acquired a new stake in RenaissanceRe during the first quarter worth about $187,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on RNR shares. Barclays raised their target price on RenaissanceRe from $256.00 to $273.00 and gave the stock an “equal weight” rating in a report on Thursday, July 24th. UBS Group raised their target price on RenaissanceRe from $250.00 to $265.00 and gave the stock a “neutral” rating in a report on Monday, July 28th. Cantor Fitzgerald raised RenaissanceRe to a “hold” rating in a report on Wednesday, August 13th. Morgan Stanley dropped their target price on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating on the stock in a report on Monday, July 14th. Finally, Citigroup began coverage on RenaissanceRe in a report on Wednesday, August 13th. They issued a “buy” rating and a $288.00 price objective on the stock. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average target price of $282.09.

RenaissanceRe Stock Performance

NYSE RNR opened at $248.0210 on Monday. The company has a market cap of $11.67 billion, a PE ratio of 6.34, a price-to-earnings-growth ratio of 2.43 and a beta of 0.29. The stock’s 50 day simple moving average is $241.52 and its 200-day simple moving average is $240.49. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $300.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36.

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

RenaissanceRe Announces Dividend

The business also recently disclosed 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 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 (DPR) is presently 4.09%.

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.