Davis Selected Advisers Increases Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Davis Selected Advisers lifted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.8% in the fourth quarter, Holdings Channel reports. The firm owned 142,313 shares of the insurance provider’s stock after buying an additional 1,099 shares during the period. Davis Selected Advisers’ holdings in RenaissanceRe were worth $35,409,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in RenaissanceRe in the fourth quarter worth approximately $29,000. MassMutual Private Wealth & Trust FSB raised its stake in RenaissanceRe by 51.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock worth $30,000 after buying an additional 41 shares in the last quarter. Jones Financial Companies Lllp raised its stake in RenaissanceRe by 1,587.5% in the fourth quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock worth $34,000 after buying an additional 127 shares in the last quarter. Smartleaf Asset Management LLC raised its stake in RenaissanceRe by 71.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock worth $39,000 after buying an additional 65 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in RenaissanceRe by 40.0% in the fourth quarter. UMB Bank n.a. now owns 175 shares of the insurance provider’s stock worth $44,000 after buying an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the sale, the executive vice president now directly owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.80% of the stock is owned by corporate insiders.

RenaissanceRe Price Performance

NYSE RNR opened at $243.81 on Friday. 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 stock’s fifty day moving average price is $243.45 and its 200 day moving average price is $257.92. RenaissanceRe Holdings Ltd. has a 1 year low of $208.98 and a 1 year high of $300.00. The company has a market cap of $12.01 billion, a price-to-earnings ratio of 6.96, a PEG ratio of 2.09 and a beta of 0.38.

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

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, March 14th. RenaissanceRe’s dividend payout ratio is presently 4.57%.

Analysts Set New Price Targets

RNR has been the subject of a number of recent research reports. Barclays downgraded shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $284.00 to $234.00 in a research note on Monday, January 6th. Morgan Stanley reduced their price objective on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a research note on Friday, January 31st. Keefe, Bruyette & Woods reduced their price objective on shares of RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a research note on Tuesday, February 4th. Wells Fargo & Company reduced their price target on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Finally, JPMorgan Chase & Co. upped their price target on RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research report on Friday, January 3rd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $279.90.

RenaissanceRe 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.