Janney Montgomery Scott LLC Grows Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Janney Montgomery Scott LLC grew its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 104.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 5,068 shares of the insurance provider’s stock after purchasing an additional 2,588 shares during the quarter. Janney Montgomery Scott LLC’s holdings in RenaissanceRe were worth $1,381,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in RenaissanceRe by 21.3% in the second quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after buying an additional 109,851 shares during the last quarter. Impax Asset Management Group plc increased its holdings in shares of RenaissanceRe by 7.7% during the second quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock valued at $286,028,000 after acquiring an additional 91,425 shares in the last quarter. Cooke & Bieler LP boosted its stake in RenaissanceRe by 9.2% in the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after purchasing an additional 86,562 shares in the last quarter. Jupiter Asset Management Ltd. grew its position in RenaissanceRe by 480.2% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 41,726 shares of the insurance provider’s stock worth $9,326,000 after purchasing an additional 34,534 shares during the last quarter. Finally, Earnest Partners LLC increased its stake in RenaissanceRe by 6.1% during the 1st quarter. Earnest Partners LLC now owns 578,139 shares of the insurance provider’s stock valued at $135,880,000 after purchasing an additional 33,448 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Insider Activity

In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $269.00, for a total value of $269,000.00. Following the sale, the executive vice president now directly owns 83,044 shares of the company’s stock, valued at $22,338,836. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $256.96 on Friday. The firm has a market cap of $13.35 billion, a PE ratio of 3.70, a P/E/G ratio of 1.34 and a beta of 0.39. RenaissanceRe Holdings Ltd. has a twelve month low of $188.24 and a twelve month high of $300.00. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. The business has a 50-day moving average price of $267.93 and a 200 day moving average price of $242.85.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the business earned $8.33 earnings per share. The business’s revenue was up 52.1% compared to the same quarter last year. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 40.31 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.61%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s payout ratio is 2.25%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RNR shares. JPMorgan Chase & Co. boosted their price objective on shares of RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Barclays started coverage on RenaissanceRe in a report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price objective on the stock. Keefe, Bruyette & Woods dropped their target price on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a research report on Tuesday. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, Jefferies Financial Group increased their price objective on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $293.00.

RenaissanceRe 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.