Beacon Pointe Advisors LLC Trims Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Beacon Pointe Advisors LLC cut its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 43.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,069 shares of the insurance provider’s stock after selling 1,568 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in RenaissanceRe were worth $515,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Capital World Investors increased its stake in shares of RenaissanceRe by 8.8% in the fourth quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider’s stock worth $717,278,000 after buying an additional 233,708 shares during the last quarter. Boston Partners increased its position in shares of RenaissanceRe by 28.5% in the 4th 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 last quarter. Impax Asset Management Group plc raised its stake in shares of RenaissanceRe by 10.8% in 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 raised its stake in shares of RenaissanceRe by 24.3% in 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 in the last quarter. Finally, FIL Ltd lifted its position in shares of RenaissanceRe by 5.1% during the fourth quarter. FIL Ltd now owns 1,033,691 shares of the insurance provider’s stock worth $257,193,000 after purchasing an additional 49,804 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RNR has been the topic of several research reports. JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Morgan Stanley raised RenaissanceRe from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $235.00 to $275.00 in a research report on Friday, April 25th. Keefe, Bruyette & Woods lifted their price objective on shares of RenaissanceRe from $279.00 to $282.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. 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. Finally, Wells Fargo & Company decreased 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. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $282.60.

RenaissanceRe Price Performance

NYSE RNR opened at $243.05 on Friday. 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 stock has a market capitalization of $11.82 billion, a PE ratio of 6.94, a price-to-earnings-growth ratio of 2.09 and a beta of 0.34. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00. The company has a 50 day moving average price of $238.75 and a two-hundred day moving average price of $250.93.

RenaissanceRe (NYSE:RNR) last posted its earnings results 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). RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. The company had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. During the same quarter last year, the firm posted $12.18 earnings per share. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. As a group, equities analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a dividend of $0.40 per share. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. The ex-dividend date of this dividend was Friday, March 14th. RenaissanceRe’s dividend payout ratio is currently 5.10%.

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.