Bank of Montreal Can Purchases 2,695 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bank of Montreal Can boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 6.4% in the third quarter, HoldingsChannel reports. The firm owned 44,549 shares of the insurance provider’s stock after purchasing an additional 2,695 shares during the quarter. Bank of Montreal Can’s holdings in RenaissanceRe were worth $12,002,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of RNR. Wedge Capital Management L L P NC acquired a new stake in RenaissanceRe in the second quarter valued at about $2,887,000. Intech Investment Management LLC boosted its stake in shares of RenaissanceRe by 52.9% during the second quarter. Intech Investment Management LLC now owns 7,193 shares of the insurance provider’s stock valued at $1,608,000 after purchasing an additional 2,490 shares in the last quarter. Atria Investments Inc bought a new stake in shares of RenaissanceRe during the first quarter worth about $1,168,000. Algert Global LLC acquired a new position in shares of RenaissanceRe in the second quarter valued at approximately $1,186,000. Finally, National Bank of Canada FI raised its holdings in RenaissanceRe by 1,381.3% in the 2nd 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 during the last quarter. Institutional investors own 99.97% of the company’s stock.

Insider Buying and Selling

In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the sale, the executive vice president now owns 82,044 shares in the company, valued at $22,890,276. The trade was a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by company insiders.

RenaissanceRe Price Performance

RenaissanceRe stock opened at $286.15 on Monday. The stock’s 50 day moving average price is $270.90 and its two-hundred day moving average price is $246.90. The stock has a market capitalization of $14.86 billion, a price-to-earnings ratio of 4.12, a PEG ratio of 1.40 and a beta of 0.39. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43. RenaissanceRe Holdings Ltd. has a 52-week low of $188.24 and a 52-week high of $300.00.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the company posted $8.33 earnings per share. The business’s quarterly revenue was up 52.1% on a year-over-year basis. On average, equities analysts predict that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe’s payout ratio is 2.25%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on RNR shares. Bank of America upped their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Evercore ISI raised their target price on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. upped their price target on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Barclays started coverage on RenaissanceRe in a research note on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price target for the company. Finally, Citigroup increased their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $293.00.

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.