UMB Bank n.a. Increases Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

UMB Bank n.a. increased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 165.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 464 shares of the insurance provider’s stock after buying an additional 289 shares during the quarter. UMB Bank n.a.’s holdings in RenaissanceRe were worth $111,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd purchased a new stake in RenaissanceRe during the fourth quarter worth $27,000. SBI Securities Co. Ltd. purchased a new stake in RenaissanceRe during the fourth quarter worth $29,000. Jones Financial Companies Lllp increased its holdings in RenaissanceRe by 1,587.5% in the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 127 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in RenaissanceRe by 71.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 65 shares in the last quarter. Finally, Huntington National Bank increased its holdings in RenaissanceRe by 179.3% in the 4th quarter. Huntington National Bank now owns 257 shares of the insurance provider’s stock worth $64,000 after acquiring an additional 165 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Trading Up 2.2%

Shares of RNR opened at $247.01 on Friday. RenaissanceRe Holdings Ltd. has a 52-week low of $208.98 and a 52-week high of $300.00. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. The firm’s fifty day moving average is $241.97 and its two-hundred day moving average is $246.37. The stock has a market cap of $12.02 billion, a PE ratio of 7.05, a price-to-earnings-growth ratio of 2.09 and a beta of 0.31.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.36 billion. During the same period last year, the firm earned $12.18 EPS. The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.60 annualized dividend and a yield of 0.65%. RenaissanceRe’s dividend payout ratio (DPR) is presently 5.10%.

Insider Activity

In related news, CAO James Christopher Fraser sold 332 shares of the company’s stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total value of $82,847.28. Following the completion of the sale, the chief accounting officer now owns 27,154 shares of the company’s stock, valued at approximately $6,776,009.16. This represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RNR. Wells Fargo & Company cut their price target on shares of RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Bank of America cut their price target on shares of RenaissanceRe from $437.00 to $426.00 and set a “buy” rating for the company in a report on Wednesday, March 26th. Barclays cut their price target on shares of RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating for the company in a report on Friday, April 11th. Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $279.00 to $282.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. raised shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 price target for the company in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, RenaissanceRe currently has an average rating of “Hold” and a consensus price target of $283.60.

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.