Great Lakes Advisors LLC Buys 7,718 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Great Lakes Advisors LLC lifted its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 254,965 shares of the insurance provider’s stock after purchasing an additional 7,718 shares during the period. Great Lakes Advisors LLC owned 0.49% of RenaissanceRe worth $56,987,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Riverview Trust Co bought a new position in shares of RenaissanceRe in the 1st quarter worth $26,000. Blue Trust Inc. bought a new position in RenaissanceRe during the second quarter worth about $27,000. Rise Advisors LLC bought a new position in RenaissanceRe during the first quarter worth about $31,000. V Square Quantitative Management LLC bought a new position in RenaissanceRe during the second quarter worth about $31,000. Finally, Mather Group LLC. bought a new position in RenaissanceRe during the first quarter worth about $34,000. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Stock Performance

NYSE RNR traded down $1.64 during trading on Friday, reaching $258.27. 221,985 shares of the company’s stock were exchanged, compared to its average volume of 332,243. The business has a 50 day moving average price of $234.13 and a 200-day moving average price of $228.82. The stock has a market capitalization of $13.66 billion, a P/E ratio of 5.71, a PEG ratio of 1.39 and a beta of 0.38. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. RenaissanceRe Holdings Ltd. has a fifty-two week low of $188.24 and a fifty-two week high of $261.62.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping analysts’ consensus estimates of $10.88 by $1.53. The firm had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 39.01 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.60%. The ex-dividend date of this dividend is Friday, September 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Analyst Ratings Changes

Several research analysts have weighed in on RNR shares. Barclays started coverage on RenaissanceRe in a report on Wednesday. They set an “equal weight” rating and a $287.00 target price on the stock. Morgan Stanley dropped their price target on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. Wells Fargo & Company dropped their price target on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a research note on Friday, July 26th. Finally, StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $265.55.

Insiders Place Their Bets

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

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.