Bank of America Corp DE Decreases Holdings in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Bank of America reduced its RenaissanceRe stake by 1.0% in the first quarter, selling 5,758 shares and retaining 575,229 shares valued at approximately $171 million. Institutional investors collectively own 99.97% of RNR.
• Analysts maintain a consensus “Hold” rating with an average price target of $336.33, while recent targets range from $315 to $360. RenaissanceRe exceeded quarterly earnings expectations, reporting $12.92 in EPS versus the $11.72 consensus estimate.
• RenaissanceRe announced a quarterly dividend of $0.41 per share, representing an annualized dividend of $1.64 and a 0.5% yield. An executive vice president also sold 5,000 shares for about $1.67 million.

Bank of America Corp DE lowered its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 1.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 575,229 shares of the insurance provider's stock after selling 5,758 shares during the period. Bank of America Corp DE owned approximately 1.35% of RenaissanceRe worth $170,975,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of RNR. Amundi increased its holdings in RenaissanceRe by 244.7% during the 1st quarter. Amundi now owns 8,063 shares of the insurance provider's stock valued at $2,397,000 after acquiring an additional 5,724 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of RenaissanceRe by 11.0% in the first quarter. EverSource Wealth Advisors LLC now owns 765 shares of the insurance provider's stock valued at $227,000 after purchasing an additional 76 shares during the last quarter. California State Teachers Retirement System grew its position in shares of RenaissanceRe by 17.5% in the first quarter. California State Teachers Retirement System now owns 53,686 shares of the insurance provider's stock valued at $15,957,000 after purchasing an additional 8,001 shares during the last quarter. Quantinno Capital Management LP increased its stake in shares of RenaissanceRe by 14.7% during the 1st quarter. Quantinno Capital Management LP now owns 22,733 shares of the insurance provider's stock worth $6,757,000 after purchasing an additional 2,920 shares in the last quarter. Finally, Delta Global Management LP purchased a new position in shares of RenaissanceRe during the 1st quarter worth approximately $1,754,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RNR. Cantor Fitzgerald reissued an "overweight" rating on shares of RenaissanceRe in a report on Thursday, July 23rd. Mizuho increased their price objective on RenaissanceRe from $325.00 to $329.00 and gave the company a "neutral" rating in a research note on Thursday, July 9th. Barclays lifted their price objective on RenaissanceRe from $328.00 to $341.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. boosted their target price on shares of RenaissanceRe from $329.00 to $360.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Finally, Wolfe Research set a $315.00 target price on shares of RenaissanceRe in a report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, RenaissanceRe currently has a consensus rating of "Hold" and an average target price of $336.33.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the business's stock in a transaction on Tuesday, July 28th. The shares were 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 of the company's stock, valued at $24,280,218.21. The trade was a 6.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by corporate insiders.

RenaissanceRe Stock Performance

NYSE RNR opened at $323.41 on Thursday. The business's 50-day moving average price is $309.54 and its 200 day moving average price is $301.47. RenaissanceRe Holdings Ltd. has a twelve month low of $231.17 and a twelve month high of $335.97. The company has a market capitalization of $13.44 billion, a PE ratio of 5.55, a price-to-earnings-growth ratio of 1.18 and a beta of 0.17. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, beating the consensus estimate of $11.72 by $1.20. The company had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.57 billion. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.During the same quarter in the previous year, the business earned $12.29 EPS. On average, research analysts predict that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe's payout ratio is currently 2.81%.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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