AE Wealth Management LLC Buys 303 Shares of RenaissanceRe Holdings Ltd. $RNR

AE Wealth Management LLC lifted its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 28.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,371 shares of the insurance provider’s stock after buying an additional 303 shares during the period. AE Wealth Management LLC’s holdings in RenaissanceRe were worth $333,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of RenaissanceRe by 37.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider’s stock worth $599,049,000 after acquiring an additional 676,125 shares in the last quarter. Nuveen LLC bought a new stake in RenaissanceRe during the first quarter worth $54,087,000. Great Lakes Advisors LLC boosted its holdings in shares of RenaissanceRe by 49.3% in the 1st quarter. Great Lakes Advisors LLC now owns 326,480 shares of the insurance provider’s stock valued at $78,355,000 after purchasing an additional 107,745 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of RenaissanceRe by 15.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider’s stock valued at $183,175,000 after purchasing an additional 101,060 shares during the last quarter. Finally, Boston Partners raised its holdings in shares of RenaissanceRe by 4.6% during the 1st quarter. Boston Partners now owns 2,106,207 shares of the insurance provider’s stock worth $505,509,000 after buying an additional 92,825 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RNR has been the topic of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on RenaissanceRe in a research report on Tuesday, October 14th. They issued a “sell” rating and a $256.00 target price on the stock. Evercore ISI set a $244.00 price target on shares of RenaissanceRe and gave the company an “in-line” rating in a report on Wednesday, October 1st. Barclays set a $278.00 price objective on shares of RenaissanceRe in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods boosted their target price on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a “market perform” rating in a research note on Monday, July 28th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of RenaissanceRe in a research note on Friday, October 31st. Four equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $283.67.

RenaissanceRe Price Performance

RNR opened at $263.30 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.36. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $290.78. The stock’s 50 day simple moving average is $252.73 and its 200 day simple moving average is $246.39. The firm has a market cap of $12.14 billion, a price-to-earnings ratio of 7.32, a PEG ratio of 2.08 and a beta of 0.25.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.RenaissanceRe’s revenue was down 4.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $10.23 EPS. As a group, analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Monday, December 15th. RenaissanceRe’s payout ratio is 4.45%.

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.