Wealth Enhancement Advisory Services LLC Acquires 5,782 Shares of RenaissanceRe Holdings Ltd. $RNR

Wealth Enhancement Advisory Services LLC grew its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 68.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,171 shares of the insurance provider’s stock after buying an additional 5,782 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in RenaissanceRe were worth $3,855,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wedmont Private Capital raised its position in RenaissanceRe by 13.1% in the fourth quarter. Wedmont Private Capital now owns 1,131 shares of the insurance provider’s stock worth $310,000 after purchasing an additional 131 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in RenaissanceRe by 20.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 230 shares of the insurance provider’s stock worth $65,000 after purchasing an additional 39 shares during the period. Park Avenue Securities LLC boosted its holdings in RenaissanceRe by 14.2% during the fourth quarter. Park Avenue Securities LLC now owns 3,715 shares of the insurance provider’s stock valued at $1,045,000 after purchasing an additional 461 shares in the last quarter. GAMMA Investing LLC boosted its holdings in RenaissanceRe by 17.4% during the fourth quarter. GAMMA Investing LLC now owns 2,331 shares of the insurance provider’s stock valued at $655,000 after purchasing an additional 345 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of RenaissanceRe by 157.0% in the 3rd quarter. Allworth Financial LP now owns 203 shares of the insurance provider’s stock valued at $52,000 after purchasing an additional 124 shares during the period. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Stock Up 1.1%

Shares of RNR opened at $295.36 on Tuesday. The company has a market capitalization of $12.74 billion, a P/E ratio of 5.21, a PEG ratio of 0.68 and a beta of 0.21. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $315.88. The business’s 50 day simple moving average is $293.62 and its 200-day simple moving average is $273.34. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same period last year, the firm posted $8.06 EPS. The business’s revenue was up 29.6% on a year-over-year basis. As a group, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.41 per share. The ex-dividend date is Friday, March 13th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a dividend yield of 0.6%. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.89%.

Analyst Upgrades and Downgrades

RNR has been the subject of a number of recent research reports. Wells Fargo & Company increased their target price on RenaissanceRe from $281.00 to $306.00 and gave the stock an “equal weight” rating in a report on Thursday, February 5th. Barclays upped their price target on RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a research report on Thursday, January 8th. UBS Group reiterated a “neutral” rating and set a $312.00 price objective on shares of RenaissanceRe in a research note on Monday, February 9th. BMO Capital Markets restated an “outperform” rating and issued a $303.00 target price on shares of RenaissanceRe in a research note on Friday, December 5th. Finally, Wall Street Zen raised shares of RenaissanceRe from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Two investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $302.00.

Insider Buying and Selling at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the transaction, the executive vice president directly owned 73,023 shares of the company’s stock, valued at $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 2.30% of the company’s stock.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.