Evolve Private Wealth LLC Invests $2.79 Million in RenaissanceRe Holdings Ltd. $RNR

Evolve Private Wealth LLC purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 8,793 shares of the insurance provider’s stock, valued at approximately $2,786,000.

Several other institutional investors have also added to or reduced their stakes in the company. Callan Family Office LLC bought a new position in RenaissanceRe during the 2nd quarter worth $647,000. Allworth Financial LP acquired a new stake in shares of RenaissanceRe during the second quarter worth $115,000. Advisors Preferred LLC bought a new stake in shares of RenaissanceRe in the second quarter valued at about $378,000. Vise Technologies Inc. bought a new stake in shares of RenaissanceRe in the second quarter valued at about $1,713,000. Finally, Denali Advisors LLC bought a new stake in shares of RenaissanceRe in the second quarter valued at about $988,000. 99.97% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on RNR shares. Wells Fargo & Company raised their price target on shares of RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Evercore set a $330.00 price objective on shares of RenaissanceRe in a report on Thursday, July 23rd. Wall Street Zen lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Morgan Stanley raised their target price on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a report on Monday, July 6th. Finally, Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their price target for the company from $335.00 to $345.00 in a research report on Wednesday, June 10th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $336.33.

Insider Buying and Selling at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the sale, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

RenaissanceRe Stock Up 0.6%

Shares of NYSE RNR opened at $324.18 on Friday. The stock has a market capitalization of $13.47 billion, a P/E ratio of 5.56, a PEG ratio of 1.18 and a beta of 0.17. The stock’s fifty day moving average is $317.81 and its 200 day moving average is $305.13. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $335.97. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The business had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 15th. RenaissanceRe’s dividend payout ratio is 2.81%.

About RenaissanceRe

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.