Summit Investment Advisors Inc. Decreases Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Summit Investment Advisors Inc. lessened its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,543 shares of the insurance provider’s stock after selling 741 shares during the quarter. Summit Investment Advisors Inc.’s holdings in RenaissanceRe were worth $3,121,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. FMR LLC increased its stake in shares of RenaissanceRe by 13.8% during the third quarter. FMR LLC now owns 2,687 shares of the insurance provider’s stock worth $732,000 after purchasing an additional 326 shares in the last quarter. Quantinno Capital Management LP acquired a new stake in RenaissanceRe in the 3rd quarter worth about $325,000. Stifel Financial Corp increased its stake in RenaissanceRe by 5.8% during the 3rd quarter. Stifel Financial Corp now owns 13,312 shares of the insurance provider’s stock worth $3,626,000 after buying an additional 733 shares in the last quarter. MML Investors Services LLC increased its stake in RenaissanceRe by 4.7% during the 3rd quarter. MML Investors Services LLC now owns 9,532 shares of the insurance provider’s stock worth $2,596,000 after buying an additional 429 shares in the last quarter. Finally, Barclays PLC raised its holdings in shares of RenaissanceRe by 57.1% during the third quarter. Barclays PLC now owns 22,923 shares of the insurance provider’s stock valued at $6,244,000 after acquiring an additional 8,333 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Stock Performance

NYSE:RNR opened at $237.92 on Monday. The company’s 50-day moving average is $236.93 and its two-hundred day moving average is $254.34. RenaissanceRe Holdings Ltd. has a 1-year low of $208.98 and a 1-year high of $300.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. The firm has a market capitalization of $11.66 billion, a price-to-earnings ratio of 6.79, a PEG ratio of 2.09 and a beta of 0.29.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. Analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, March 14th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.67%. RenaissanceRe’s dividend payout ratio is currently 4.57%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on RNR shares. Morgan Stanley lowered their price target on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Barclays lowered their target price on shares of RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating on the stock in a research note on Friday. Bank of America reduced their target price on shares of RenaissanceRe from $437.00 to $426.00 and set a “buy” rating for the company in a research report on Wednesday, March 26th. Jefferies Financial Group lowered their price target on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a research report on Friday. Finally, Keefe, Bruyette & Woods cut their price objective on shares of RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $280.80.

Insider Buying and Selling

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the sale, the executive vice president now directly owns 79,392 shares in the company, valued at $20,178,270.72. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company’s stock.

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.