Kestra Private Wealth Services LLC Takes Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Kestra Private Wealth Services LLC acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,665 shares of the insurance provider’s stock, valued at approximately $522,000.

Several other hedge funds have also recently made changes to their positions in RNR. Raymond James & Associates raised its holdings in shares of RenaissanceRe by 83.6% during the third quarter. Raymond James & Associates now owns 52,188 shares of the insurance provider’s stock valued at $10,329,000 after purchasing an additional 23,767 shares during the last quarter. New York State Teachers Retirement System grew its position in RenaissanceRe by 0.4% during the third quarter. New York State Teachers Retirement System now owns 50,548 shares of the insurance provider’s stock valued at $10,004,000 after buying an additional 185 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in RenaissanceRe by 26.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,391 shares of the insurance provider’s stock valued at $1,661,000 after buying an additional 1,744 shares during the period. Park Avenue Securities LLC bought a new stake in RenaissanceRe during the third quarter valued at approximately $631,000. Finally, Whittier Trust Co. grew its position in RenaissanceRe by 3.4% during the third quarter. Whittier Trust Co. now owns 15,128 shares of the insurance provider’s stock valued at $2,994,000 after buying an additional 498 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at RenaissanceRe

In related news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total transaction of $586,400.00. Following the sale, the chief financial officer now owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value of $586,400.00. Following the sale, the chief financial officer now owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Carol P. Sanders sold 880 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $227.59, for a total transaction of $200,279.20. Following the completion of the sale, the director now directly owns 5,363 shares in the company, valued at approximately $1,220,565.17. The disclosure for this sale can be found here. 1.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on RNR shares. BMO Capital Markets boosted their target price on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. Evercore ISI upped their price target on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. upped their price target on shares of RenaissanceRe from $237.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. UBS Group upped their price target on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a “neutral” rating in a research report on Monday, February 5th. Finally, TD Cowen assumed coverage on shares of RenaissanceRe in a research report on Wednesday, January 10th. They issued a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $249.00.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $222.98 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.41 and a current ratio of 1.41. The firm has a fifty day moving average price of $226.35 and a 200 day moving average price of $216.32. RenaissanceRe Holdings Ltd. has a fifty-two week low of $174.22 and a fifty-two week high of $239.42. The firm has a market cap of $11.79 billion, a price-to-earnings ratio of 4.93, a P/E/G ratio of 1.95 and a beta of 0.31.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.86 by $2.32. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.05 billion. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. RenaissanceRe’s revenue was up 41.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $8.16 earnings per share. As a group, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 35.4 earnings per share for the current fiscal year.

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.