Optimize Financial Inc Takes $321,000 Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Optimize Financial Inc acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 1,292 shares of the insurance provider’s stock, valued at approximately $321,000.

Other large investors have also bought and sold shares of the company. Aster Capital Management DIFC Ltd bought a new stake in RenaissanceRe in the fourth quarter worth about $27,000. SBI Securities Co. Ltd. bought a new stake in shares of RenaissanceRe in the 4th quarter worth approximately $29,000. MassMutual Private Wealth & Trust FSB lifted its stake in RenaissanceRe by 51.3% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock valued at $30,000 after purchasing an additional 41 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in RenaissanceRe by 1,587.5% during 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. Finally, Smartleaf Asset Management LLC grew its position 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 during the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

RNR stock opened at $237.92 on Friday. The firm has a 50 day simple moving average of $236.93 and a 200 day simple moving average of $254.44. RenaissanceRe Holdings Ltd. has a 52 week low of $208.98 and a 52 week high of $300.00. The stock has a market cap of $11.66 billion, a P/E ratio of 6.79, a P/E/G ratio of 2.09 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42.

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

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.40 dividend. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 0.67%. The ex-dividend date was Friday, March 14th. RenaissanceRe’s dividend payout ratio is presently 4.57%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RNR. Bank of America cut their price objective on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating for the company in a research report on Wednesday, March 26th. Barclays reduced their target price on RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating for the company in a report on Friday. JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Wells Fargo & Company reduced their price objective on shares of RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, JPMorgan Chase & Co. raised shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 target price on the stock in a research report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $280.80.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe 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 completion of the sale, the executive vice president now owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.00% of the company’s stock.

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.