Wedbush Securities Inc. Has $593,000 Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Wedbush Securities Inc. lifted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 31.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,655 shares of the insurance provider’s stock after purchasing an additional 630 shares during the period. Wedbush Securities Inc.’s holdings in RenaissanceRe were worth $593,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of RNR. American International Group Inc. boosted its position in RenaissanceRe by 1,829.6% in the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after buying an additional 1,321,325 shares during the last quarter. Norges Bank acquired a new position in shares of RenaissanceRe during the fourth quarter valued at $133,196,000. Fiera Capital Corp boosted its holdings in RenaissanceRe by 637.3% in the fourth quarter. Fiera Capital Corp now owns 199,166 shares of the insurance provider’s stock valued at $39,037,000 after acquiring an additional 172,154 shares during the last quarter. Vanguard Group Inc. increased its position in RenaissanceRe by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after purchasing an additional 148,173 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in RenaissanceRe by 4.7% during the 1st quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock worth $646,806,000 after purchasing an additional 124,039 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Price Performance

NYSE RNR opened at $254.13 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market cap of $13.26 billion, a price-to-earnings ratio of 5.61, a PEG ratio of 1.41 and a beta of 0.38. The business has a 50 day simple moving average of $237.44 and a 200 day simple moving average of $229.72. RenaissanceRe Holdings Ltd. has a 52-week low of $188.24 and a 52-week high of $261.62.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.88 by $1.53. The company had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 39.01 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.61%. RenaissanceRe’s dividend payout ratio is currently 3.45%.

Analyst Upgrades and Downgrades

RNR has been the subject of several analyst reports. Bank of America lifted their price target on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday, September 6th. Citigroup upped their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday. UBS Group decreased their price objective on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Finally, Morgan Stanley dropped their price objective on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $272.60.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the transaction, the executive vice president now owns 85,544 shares of the company’s stock, valued at approximately $19,675,120. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares in the company, valued at $16,598,352.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. The disclosure for this sale can be found here. 1.30% of the stock is owned by insiders.

RenaissanceRe Company 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.