Victory Capital Management Inc. Grows Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Victory Capital Management Inc. boosted its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 22,187 shares of the insurance provider’s stock after acquiring an additional 735 shares during the quarter. Victory Capital Management Inc.’s holdings in RenaissanceRe were worth $4,959,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the business. Waverton Investment Management Ltd raised its position in RenaissanceRe by 26.8% in the second quarter. Waverton Investment Management Ltd now owns 40,285 shares of the insurance provider’s stock worth $8,998,000 after acquiring an additional 8,507 shares in the last quarter. National Bank of Canada FI increased its position in shares of RenaissanceRe by 1,381.3% in the second quarter. National Bank of Canada FI now owns 5,377 shares of the insurance provider’s stock valued at $1,189,000 after buying an additional 5,014 shares in the last quarter. Range Financial Group LLC increased its position in shares of RenaissanceRe by 18.3% in the second quarter. Range Financial Group LLC now owns 3,408 shares of the insurance provider’s stock valued at $762,000 after buying an additional 526 shares in the last quarter. Cooke & Bieler LP increased its position in shares of RenaissanceRe by 9.2% in the second quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock valued at $229,679,000 after buying an additional 86,562 shares in the last quarter. Finally, Fiera Capital Corp increased its position in shares of RenaissanceRe by 1.1% in the second quarter. Fiera Capital Corp now owns 200,641 shares of the insurance provider’s stock valued at $44,845,000 after buying an additional 2,186 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares in the company, valued at approximately $19,675,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares in the company, valued at approximately $19,675,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

RenaissanceRe Stock Performance

NYSE RNR opened at $266.04 on Tuesday. The firm has a market capitalization of $13.88 billion, a P/E ratio of 5.88, a P/E/G ratio of 1.39 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a 1-year low of $188.24 and a 1-year high of $268.61. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The business’s 50-day simple moving average is $239.34 and its 200-day simple moving average is $230.27.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, beating the consensus estimate of $10.88 by $1.53. The business had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. Equities analysts predict that RenaissanceRe Holdings Ltd. will post 39.01 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.59%. The ex-dividend date is Friday, September 13th. RenaissanceRe’s dividend payout ratio is currently 3.45%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on RNR shares. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Friday, September 6th. Wells Fargo & Company dropped their price objective on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research report on Friday, July 26th. Barclays assumed coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. Finally, Bank of America lifted their price objective on RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $272.60.

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.