Envestnet Portfolio Solutions Inc. Has $1.13 Million Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Envestnet Portfolio Solutions Inc. increased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,541 shares of the insurance provider’s stock after acquiring an additional 117 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in RenaissanceRe were worth $1,130,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Victory Capital Management Inc. grew its stake in RenaissanceRe by 3.7% during the 3rd quarter. Victory Capital Management Inc. now owns 23,011 shares of the insurance provider’s stock valued at $6,268,000 after acquiring an additional 824 shares in the last quarter. Oppenheimer & Co. Inc. acquired a new stake in shares of RenaissanceRe during the third quarter worth approximately $231,000. Empowered Funds LLC purchased a new position in RenaissanceRe during the third quarter valued at approximately $243,000. Natixis Advisors LLC lifted its position in RenaissanceRe by 8.3% in the 3rd quarter. Natixis Advisors LLC now owns 15,391 shares of the insurance provider’s stock worth $4,193,000 after buying an additional 1,177 shares in the last quarter. Finally, Advisors Asset Management Inc. acquired a new stake in shares of RenaissanceRe during the 3rd quarter valued at $45,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $236.75 on Friday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19. The firm has a fifty day simple moving average of $241.01 and a 200-day simple moving average of $257.08. The stock has a market capitalization of $11.66 billion, a price-to-earnings ratio of 6.76, a PEG ratio of 2.09 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a 1-year low of $208.98 and a 1-year high of $300.00.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. On average, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.60 dividend on an annualized basis and a yield of 0.68%. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s dividend payout ratio (DPR) is 4.57%.

Insiders Place Their Bets

In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the sale, the executive vice president now directly owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. JMP Securities reaffirmed a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Jefferies Financial Group reaffirmed a “hold” rating and set a $282.00 price target (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a report on Friday, January 3rd. Keefe, Bruyette & Woods dropped their price objective on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a report on Tuesday, February 4th. Finally, Morgan Stanley cut their price objective on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, RenaissanceRe has a consensus rating of “Hold” and a consensus target price of $279.90.

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.