ARGA Investment Management LP Sells 18,154 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• ARGA Investment Management LP has reduced its holdings in RenaissanceRe Holdings Ltd. by 75.4%, selling 18,154 shares, leaving it with 5,935 shares valued at approximately $1.44 million.
• The company's quarterly earnings report showed a notable earnings per share of $12.29, surpassing estimates, although revenue decreased 2.4% year-over-year.
• RenaissanceRe recently declared a quarterly dividend of $0.40, resulting in an annualized dividend of $1.60 and a yield of 0.7%.

ARGA Investment Management LP lessened its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 75.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,935 shares of the insurance provider's stock after selling 18,154 shares during the quarter. ARGA Investment Management LP's holdings in RenaissanceRe were worth $1,442,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RNR. GAMMA Investing LLC boosted its holdings in shares of RenaissanceRe by 39.9% during the 1st quarter. GAMMA Investing LLC now owns 1,650 shares of the insurance provider's stock valued at $396,000 after buying an additional 471 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of RenaissanceRe by 1.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,847 shares of the insurance provider's stock valued at $1,643,000 after purchasing an additional 95 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of RenaissanceRe by 3.1% during the first quarter. Oppenheimer Asset Management Inc. now owns 11,120 shares of the insurance provider's stock valued at $2,669,000 after purchasing an additional 330 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of RenaissanceRe by 110.4% in the 1st quarter. Oppenheimer & Co. Inc. now owns 1,818 shares of the insurance provider's stock worth $436,000 after purchasing an additional 954 shares in the last quarter. Finally, Moran Wealth Management LLC purchased a new stake in shares of RenaissanceRe in the 1st quarter worth approximately $2,313,000. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $242.90 on Friday. The firm's 50-day moving average price is $248.34 and its 200-day moving average price is $243.92. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The company has a market cap of $11.43 billion, a PE ratio of 6.21, a PEG ratio of 2.04 and a beta of 0.27. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, beating the consensus estimate of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. During the same period in the previous year, the company earned $12.41 earnings per share. The firm's quarterly revenue was down 2.4% on a year-over-year basis. As a group, analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. RenaissanceRe's payout ratio is presently 4.09%.

Analyst Ratings Changes

A number of research analysts have issued reports on RNR shares. Cowen reiterated a "hold" rating on shares of RenaissanceRe in a research note on Tuesday, October 7th. Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Weiss Ratings reiterated a "buy (b)" rating on shares of RenaissanceRe in a research note on Wednesday, October 8th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $303.00 price objective on shares of RenaissanceRe in a research report on Thursday, October 9th. Finally, Barclays set a $278.00 target price on shares of RenaissanceRe in a report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $283.08.

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.

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