4,300 RenaissanceRe Holdings Ltd. $RNR Shares Sold by Formuepleje A S

Key Points

• Formuepleje A S reduced its RenaissanceRe stake by 32.3% in the third quarter, selling 4,300 shares and retaining 9,020 shares valued at approximately $2.87 million.
• RenaissanceRe shares rose 0.9% to $342.50, near their 52-week high, while institutional investors and hedge funds collectively owned 99.97% of the stock.
• Analysts maintain a consensus “Hold” rating with an average price target of $337.50; the company also pays a quarterly dividend of $0.41 per share, yielding about 0.5%.

Formuepleje A S cut its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 32.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,020 shares of the insurance provider's stock after selling 4,300 shares during the period. Formuepleje A S's holdings in RenaissanceRe were worth $2,870,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of RenaissanceRe in the second quarter valued at approximately $1,319,724,000. GQG Partners LLC acquired a new stake in RenaissanceRe during the second quarter worth approximately $185,351,000. Bank of New York Mellon Corp acquired a new stake in RenaissanceRe during the second quarter worth approximately $116,717,000. Great Lakes Advisors LLC purchased a new stake in RenaissanceRe in the 2nd quarter worth approximately $87,916,000. Finally, Lightrock Netherlands B.V. grew its stake in RenaissanceRe by 15.8% in the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock worth $350,263,000 after acquiring an additional 160,915 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Trading Up 0.9%

NYSE:RNR traded up $2.99 during trading hours on Thursday, reaching $342.50. 191,748 shares of the company were exchanged, compared to its average volume of 352,513. The firm has a market cap of $14.23 billion, a price-to-earnings ratio of 5.87, a PEG ratio of 0.97 and a beta of 0.12. The stock has a 50 day simple moving average of $326.60 and a 200 day simple moving average of $313.42. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $349.25. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The company had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. As a group, analysts predict that RenaissanceRe Holdings Ltd. will post 44.98 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, September 15th. RenaissanceRe's payout ratio is 2.81%.

Insider Buying and Selling

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the company's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the sale, the executive vice president directly owned 72,907 shares in the company, valued at $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RNR shares. Wells Fargo & Company cut their price target on RenaissanceRe from $331.00 to $319.00 and set an "equal weight" rating for the company in a report on Monday. Morgan Stanley raised their price objective on RenaissanceRe from $310.00 to $320.00 and gave the stock an "equal weight" rating in a report on Monday, July 6th. JPMorgan Chase & Co. decreased their price objective on RenaissanceRe from $360.00 to $355.00 and set a "neutral" rating on the stock in a report on Friday, October 9th. Barclays lifted their price objective on RenaissanceRe from $328.00 to $341.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 7th. Finally, Evercore set a $330.00 target price on RenaissanceRe in a research note on Thursday, July 23rd. Six investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, RenaissanceRe currently has an average rating of "Hold" and a consensus price target of $337.50.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe's business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.

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