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

Pacific Capital Wealth Advisors Inc. purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 305 shares of the insurance provider’s stock, valued at approximately $60,000.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in RenaissanceRe by 2.3% during the third quarter. Vanguard Group Inc. now owns 5,417,518 shares of the insurance provider’s stock worth $1,072,235,000 after buying an additional 120,302 shares during the period. Boston Partners grew its holdings in RenaissanceRe by 7.1% in the third quarter. Boston Partners now owns 2,052,716 shares of the insurance provider’s stock valued at $406,390,000 after purchasing an additional 135,861 shares during the period. Polar Capital Holdings Plc increased its position in RenaissanceRe by 7.5% during the third quarter. Polar Capital Holdings Plc now owns 1,104,756 shares of the insurance provider’s stock worth $218,653,000 after purchasing an additional 77,319 shares during the last quarter. Cooke & Bieler LP raised its stake in RenaissanceRe by 97.9% during the fourth quarter. Cooke & Bieler LP now owns 1,088,978 shares of the insurance provider’s stock worth $213,440,000 after purchasing an additional 538,636 shares during the period. Finally, Earnest Partners LLC boosted its holdings in shares of RenaissanceRe by 2.9% in the 3rd quarter. Earnest Partners LLC now owns 548,496 shares of the insurance provider’s stock valued at $108,558,000 after purchasing an additional 15,692 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Insider Activity

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

Wall Street Analysts Forecast Growth

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

RenaissanceRe Stock Performance

NYSE:RNR traded up $2.03 during trading hours on Tuesday, reaching $225.01. 412,589 shares of the stock were exchanged, compared to its average volume of 368,920. The stock has a market capitalization of $11.90 billion, a P/E ratio of 4.97, a P/E/G ratio of 1.95 and a beta of 0.31. The firm has a 50 day simple moving average of $226.35 and a 200-day simple moving average of $216.32. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 52 week low of $174.22 and a 52 week high of $239.42.

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

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.