Bank of New York Mellon Corp Trims Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bank of New York Mellon Corp reduced its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 8.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,851,581 shares of the insurance provider's stock after selling 174,483 shares during the period. Bank of New York Mellon Corp owned 3.78% of RenaissanceRe worth $444,379,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RNR. AMG National Trust Bank boosted its position in RenaissanceRe by 1.3% during the fourth quarter. AMG National Trust Bank now owns 4,688 shares of the insurance provider's stock valued at $1,166,000 after acquiring an additional 59 shares during the last quarter. Bessemer Group Inc. raised its holdings in RenaissanceRe by 5.8% during the fourth quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider's stock worth $274,000 after buying an additional 61 shares during the last quarter. Independent Advisor Alliance boosted its stake in RenaissanceRe by 7.7% during the 4th quarter. Independent Advisor Alliance now owns 864 shares of the insurance provider's stock valued at $215,000 after purchasing an additional 62 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in RenaissanceRe by 71.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock valued at $39,000 after acquiring an additional 65 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of RenaissanceRe by 1.2% during the 1st quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock worth $1,584,000 after buying an additional 79 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the business's stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the transaction, the chief accounting officer owned 27,154 shares in the company, valued at $6,776,009.16. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.00% of the company's stock.

RenaissanceRe Trading Down 0.7%

Shares of RenaissanceRe stock traded down $1.78 during trading on Monday, reaching $239.12. 327,689 shares of the stock were exchanged, compared to its average volume of 444,172. RenaissanceRe Holdings Ltd. has a 1 year low of $210.51 and a 1 year high of $300.00. The firm has a market cap of $11.63 billion, a price-to-earnings ratio of 7.63, a price-to-earnings-growth ratio of 2.89 and a beta of 0.30. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The stock's fifty day moving average is $244.14 and its 200 day moving average is $242.58.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.17). RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.36 billion. During the same quarter in the prior year, the company earned $12.18 EPS. RenaissanceRe's revenue was up 7.6% compared to the same quarter last year. As a group, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a $0.40 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.67%. RenaissanceRe's dividend payout ratio is 5.10%.

Analysts Set New Price Targets

Several equities analysts have weighed in on RNR shares. Bank of America reduced their price objective on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a report on Wednesday, March 26th. Wells Fargo & Company decreased their price target on shares of RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Keefe, Bruyette & Woods increased their target price on shares of RenaissanceRe from $279.00 to $282.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Morgan Stanley set a $285.00 price target on shares of RenaissanceRe and gave the stock an "overweight" rating in a research note on Monday, May 19th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $286.10.

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.