RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE raised its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 17.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 817,247 shares of the insurance provider’s stock after purchasing an additional 124,125 shares during the quarter. Bank of America Corp DE owned about 1.57% of RenaissanceRe worth $203,339,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Capital World Investors lifted its stake in shares of RenaissanceRe by 8.8% in the 4th quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider’s stock worth $717,278,000 after acquiring an additional 233,708 shares during the period. Boston Partners lifted its position in RenaissanceRe by 28.5% in the fourth quarter. Boston Partners now owns 2,013,382 shares of the insurance provider’s stock worth $500,991,000 after purchasing an additional 446,781 shares during the period. Impax Asset Management Group plc boosted its stake in RenaissanceRe by 10.8% during the 4th quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock valued at $466,969,000 after purchasing an additional 182,530 shares in the last quarter. Geode Capital Management LLC increased its position in shares of RenaissanceRe by 24.3% during the 4th quarter. Geode Capital Management LLC now owns 1,144,805 shares of the insurance provider’s stock valued at $284,907,000 after purchasing an additional 223,991 shares during the period. Finally, FIL Ltd raised its stake in shares of RenaissanceRe by 5.1% in the 4th quarter. FIL Ltd now owns 1,033,691 shares of the insurance provider’s stock worth $257,193,000 after buying an additional 49,804 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

Insiders Place Their Bets

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

RenaissanceRe Trading Up 0.8 %

NYSE:RNR opened at $250.20 on Friday. The stock’s 50-day moving average is $239.73 and its two-hundred day moving average is $250.21. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. The stock has a market cap of $12.17 billion, a PE ratio of 7.14, a price-to-earnings-growth ratio of 2.09 and a beta of 0.34. RenaissanceRe Holdings Ltd. has a fifty-two week low of $208.98 and a fifty-two week high of $300.00.

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

RenaissanceRe Announces Dividend

The company 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 $0.40 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.64%. RenaissanceRe’s dividend payout ratio (DPR) is currently 5.10%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RNR shares. JMP Securities reaffirmed a “market perform” rating on shares of RenaissanceRe in a report on Thursday, April 24th. Jefferies Financial Group dropped their target price on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Barclays reduced their target price 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. JPMorgan Chase & Co. raised RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 price objective for the company in a research note on Tuesday, April 8th. Finally, Bank of America cut their target price on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a research report on Wednesday, March 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $282.60.

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.