UMB Bank n.a. Increases Stake in RenaissanceRe Holdings Ltd. $RNR

UMB Bank n.a. boosted its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 18.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 551 shares of the insurance provider’s stock after buying an additional 87 shares during the period. UMB Bank n.a.’s holdings in RenaissanceRe were worth $134,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RNR. Two Sigma Investments LP boosted its position in shares of RenaissanceRe by 35.8% during the fourth quarter. Two Sigma Investments LP now owns 3,950 shares of the insurance provider’s stock valued at $983,000 after purchasing an additional 1,042 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new position in RenaissanceRe during the fourth quarter valued at $5,227,000. Mackenzie Financial Corp boosted its holdings in shares of RenaissanceRe by 25.3% during the 4th quarter. Mackenzie Financial Corp now owns 16,962 shares of the insurance provider’s stock valued at $4,220,000 after buying an additional 3,428 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of RenaissanceRe in the 4th quarter worth about $1,508,000. Finally, Lansforsakringar Fondforvaltning AB publ bought a new position in shares of RenaissanceRe in the 4th quarter worth about $316,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $250.32 on Thursday. 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 firm has a market cap of $11.78 billion, a price-to-earnings ratio of 6.40, a price-to-earnings-growth ratio of 2.40 and a beta of 0.29. The business has a 50-day simple moving average of $242.27 and a two-hundred day simple moving average of $241.70. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, topping analysts’ consensus estimates of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same period in the previous year, the business posted $12.41 earnings per share. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

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

Analysts Set New Price Targets

Several research firms recently commented on RNR. Wells Fargo & Company reissued an “equal weight” rating and set a $269.00 price objective (up previously from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Citigroup initiated coverage on RenaissanceRe in a research note on Wednesday, August 13th. They issued a “buy” rating and a $288.00 price target on the stock. Morgan Stanley lowered their price objective on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating for the company in a research note on Monday, July 14th. UBS Group boosted 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. Finally, Barclays raised 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. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and an average price target of $282.09.

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.