Hilltop National Bank Raises Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Hilltop National Bank grew its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 14.9% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 400 shares of the insurance provider’s stock after acquiring an additional 52 shares during the quarter. Hilltop National Bank’s holdings in RenaissanceRe were worth $89,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RNR. Fulton Bank N.A. raised its holdings in shares of RenaissanceRe by 24.0% in the fourth quarter. Fulton Bank N.A. now owns 3,436 shares of the insurance provider’s stock worth $673,000 after buying an additional 666 shares during the period. New York State Teachers Retirement System increased its position in RenaissanceRe by 1.5% during the 4th quarter. New York State Teachers Retirement System now owns 51,301 shares of the insurance provider’s stock valued at $10,055,000 after buying an additional 753 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in RenaissanceRe by 2,235.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 16,864 shares of the insurance provider’s stock worth $3,305,000 after acquiring an additional 16,142 shares in the last quarter. Custom Index Systems LLC purchased a new stake in RenaissanceRe during the 4th quarter worth approximately $283,000. Finally, Cerity Partners LLC grew its holdings in shares of RenaissanceRe by 14.1% during the fourth quarter. Cerity Partners LLC now owns 3,190 shares of the insurance provider’s stock valued at $625,000 after buying an additional 393 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on RNR shares. StockNews.com raised RenaissanceRe from a “hold” rating to a “buy” rating in a report on Monday, July 29th. UBS Group lowered their target price on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. Wells Fargo & Company decreased their target price on RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Bank of America lifted their price objective on RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Finally, Morgan Stanley decreased their price objective on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $263.40.

RenaissanceRe Stock Performance

NYSE RNR traded up $2.14 on Wednesday, hitting $229.50. 242,939 shares of the company’s stock were exchanged, compared to its average volume of 344,286. RenaissanceRe Holdings Ltd. has a fifty-two week low of $174.22 and a fifty-two week high of $239.42. 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 firm’s 50-day moving average price is $224.25 and its two-hundred day moving average price is $224.97. The firm has a market cap of $12.14 billion, a price-to-earnings ratio of 5.07, a P/E/G ratio of 1.29 and a beta of 0.38.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.68%. The ex-dividend date of this dividend is Friday, September 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Insiders Place Their Bets

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

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.