1,045 Shares in RenaissanceRe Holdings Ltd. (NYSE:RNR) Purchased by Wedbush Securities Inc.

Posted by Defense World Staff on Aug 19th, 2023

Wedbush Securities Inc. purchased a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,045 shares of the insurance provider’s stock, valued at approximately $209,000.

A number of other large investors also recently bought and sold shares of RNR. Financial Management Professionals Inc. acquired a new position in RenaissanceRe in the 1st quarter worth about $29,000. TCI Wealth Advisors Inc. raised its holdings in RenaissanceRe by 73.4% in the 1st quarter. TCI Wealth Advisors Inc. now owns 163 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 69 shares during the period. EverSource Wealth Advisors LLC acquired a new position in RenaissanceRe in the 4th quarter worth about $38,000. Heritage Wealth Management LLC raised its holdings in shares of RenaissanceRe by 84.6% during the fourth quarter. Heritage Wealth Management LLC now owns 240 shares of the insurance provider’s stock valued at $44,000 after acquiring an additional 110 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of RenaissanceRe by 197.3% during the first quarter. Parallel Advisors LLC now owns 220 shares of the insurance provider’s stock valued at $44,000 after acquiring an additional 146 shares during the last quarter. Institutional investors and hedge funds own 93.15% of the company’s stock.

Insiders Place Their Bets

In other RenaissanceRe news, CEO Kevin Odonnell bought 13,020 shares of the business’s stock in a transaction on Friday, May 26th. The stock was bought at an average price of $192.00 per share, with a total value of $2,499,840.00. Following the completion of the purchase, the chief executive officer now directly owns 296,025 shares in the company, valued at $56,836,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.30% of the stock is owned by insiders.

RenaissanceRe Price Performance

RNR stock opened at $177.93 on Friday. The firm has a market capitalization of $9.11 billion, a PE ratio of 22.24 and a beta of 0.42. RenaissanceRe Holdings Ltd. has a 1 year low of $128.00 and a 1 year high of $223.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.41 and a quick ratio of 1.41. The business has a 50 day simple moving average of $190.02 and a 200-day simple moving average of $198.89.

RenaissanceRe (NYSE:RNR – Get Free Report) last posted its earnings results on Tuesday, July 25th. The insurance provider reported $8.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.58 by $1.21. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $1.96 billion. RenaissanceRe had a return on equity of 14.22% and a net margin of 5.60%. The firm’s quarterly revenue was up 17.8% compared to the same quarter last year. During the same quarter last year, the firm earned $5.51 earnings per share. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 25.47 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.38 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.52 annualized dividend and a yield of 0.85%. RenaissanceRe’s dividend payout ratio (DPR) is 19.00%.

Wall Street Analysts Forecast Growth

RNR has been the subject of a number of research analyst reports. Jefferies Financial Group raised RenaissanceRe from a “hold” rating to a “buy” rating and increased their target price for the company from $234.00 to $238.00 in a report on Thursday, May 25th. Morgan Stanley initiated coverage on RenaissanceRe in a report on Tuesday, June 20th. They set an “equal weight” rating and a $222.00 target price for the company. BMO Capital Markets raised RenaissanceRe from a “market perform” rating to an “outperform” rating and increased their target price for the company from $198.00 to $216.00 in a report on Tuesday, July 11th. TheStreet cut RenaissanceRe from a “b-” rating to a “c+” rating in a report on Thursday, June 8th. Finally, StockNews.com started coverage on RenaissanceRe in a research report on Thursday. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $221.40.

View Our Latest Analysis on RNR

About RenaissanceRe

(Free Report)

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.