Atria Wealth Solutions Inc. Makes New Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Atria Wealth Solutions Inc. acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the first quarter, HoldingsChannel reports. The institutional investor acquired 1,303 shares of the insurance provider’s stock, valued at approximately $261,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RNR. American Century Companies Inc. increased its holdings in shares of RenaissanceRe by 8.1% in the 1st quarter. American Century Companies Inc. now owns 14,404 shares of the insurance provider’s stock valued at $2,283,000 after acquiring an additional 1,083 shares during the period. Bank of Montreal Can increased its holdings in shares of RenaissanceRe by 7.1% in the 1st quarter. Bank of Montreal Can now owns 15,536 shares of the insurance provider’s stock valued at $2,461,000 after acquiring an additional 1,025 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of RenaissanceRe by 5.6% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,119 shares of the insurance provider’s stock valued at $2,555,000 after acquiring an additional 861 shares during the period. Great West Life Assurance Co. Can increased its holdings in shares of RenaissanceRe by 5.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 24,034 shares of the insurance provider’s stock valued at $3,914,000 after acquiring an additional 1,163 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of RenaissanceRe by 2.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 679,383 shares of the insurance provider’s stock valued at $107,689,000 after acquiring an additional 15,215 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $201.73 on Tuesday. The firm has a market capitalization of $10.32 billion, a P/E ratio of 25.22 and a beta of 0.42. RenaissanceRe Holdings Ltd. has a one year low of $128.00 and a one year high of $223.80. The company’s fifty day moving average is $191.05 and its two-hundred day moving average is $195.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.41 and a current ratio of 1.41.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, July 25th. The insurance provider reported $8.79 EPS for the quarter, topping the consensus estimate of $7.58 by $1.21. The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $1.96 billion. RenaissanceRe had a net margin of 5.60% and a return on equity of 14.22%. The business’s revenue was up 17.8% on a year-over-year basis. During the same period in the previous year, the firm earned $5.51 EPS. Analysts forecast that RenaissanceRe Holdings Ltd. will post 26.8 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.38 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.52 annualized dividend and a dividend yield of 0.75%. RenaissanceRe’s dividend payout ratio is presently 19.00%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RNR. BMO Capital Markets raised shares of RenaissanceRe from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $198.00 to $216.00 in a report on Tuesday, July 11th. Jefferies Financial Group raised shares of RenaissanceRe from a “hold” rating to a “buy” rating and boosted their price objective for the company from $234.00 to $238.00 in a research note on Thursday, May 25th. The Goldman Sachs Group began coverage on shares of RenaissanceRe in a research note on Friday, September 8th. They issued a “buy” rating and a $242.00 price objective on the stock. StockNews.com began coverage on shares of RenaissanceRe in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Finally, Bank of America dropped their price objective on shares of RenaissanceRe from $275.00 to $266.00 and set a “buy” rating on the stock in a research note on Monday, August 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, RenaissanceRe presently has an average rating of “Moderate Buy” and an average target price of $230.71.

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.