Pacific Capital Wealth Advisors Inc. Purchases New Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Pacific Capital Wealth Advisors Inc. bought a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 305 shares of the insurance provider’s stock, valued at approximately $60,000.

Several other hedge funds also recently bought and sold shares of RNR. GAMMA Investing LLC purchased a new position in shares of RenaissanceRe during the fourth quarter worth about $37,000. Bruce G. Allen Investments LLC bought a new position in RenaissanceRe in the fourth quarter worth about $38,000. Daiwa Securities Group Inc. purchased a new position in shares of RenaissanceRe in the 4th quarter valued at approximately $39,000. VisionPoint Advisory Group LLC purchased a new position in RenaissanceRe during the third quarter valued at $57,000. Finally, First Horizon Advisors Inc. lifted its position in RenaissanceRe by 88.0% during the 4th quarter. First Horizon Advisors Inc. now owns 344 shares of the insurance provider’s stock valued at $67,000 after acquiring an additional 161 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Insider Buying and Selling at RenaissanceRe

In other news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total transaction of $586,400.00. Following the transaction, the chief financial officer now directly owns 70,424 shares of the company’s stock, valued at approximately $16,518,653.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Carol P. Sanders sold 880 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $227.59, for a total value of $200,279.20. Following the completion of the transaction, the director now owns 5,363 shares of the company’s stock, valued at $1,220,565.17. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the sale, the chief financial officer now owns 70,424 shares of the company’s stock, valued at approximately $16,518,653.44. The disclosure for this sale can be found here. 1.80% of the stock is owned by corporate insiders.

RenaissanceRe Stock Performance

Shares of RNR traded up $2.03 during trading hours on Tuesday, hitting $225.01. The stock had a trading volume of 412,589 shares, compared to its average volume of 368,920. The firm has a market capitalization of $11.90 billion, a PE ratio of 4.97, a PEG ratio of 1.95 and a beta of 0.31. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.41 and a quick ratio of 1.41. RenaissanceRe Holdings Ltd. has a 12 month low of $174.22 and a 12 month high of $239.42. The stock has a fifty day moving average price of $226.35 and a 200 day moving average price of $216.32.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.86 by $2.32. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.05 billion. During the same period in the previous year, the company posted $8.16 EPS. The business’s quarterly revenue was up 41.3% compared to the same quarter last year. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 35.4 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RNR. BMO Capital Markets lifted their price target on RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. UBS Group raised their price target on shares of RenaissanceRe from $229.00 to $238.00 and gave the company a “neutral” rating in a research report on Monday, February 5th. Evercore ISI upped their price objective on RenaissanceRe from $216.00 to $218.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $237.00 to $245.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. Finally, TD Cowen initiated coverage on RenaissanceRe in a research note on Wednesday, January 10th. They issued a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and an average price target of $249.00.

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.