Charles Schwab Investment Management Inc. Sells 33,290 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Charles Schwab Investment Management Inc. cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 9.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 331,256 shares of the insurance provider's stock after selling 33,290 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.68% of RenaissanceRe worth $79,501,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Bank of America Corp DE boosted its holdings in RenaissanceRe by 17.9% in the 4th quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock valued at $203,339,000 after purchasing an additional 124,125 shares during the period. Miracle Mile Advisors LLC acquired a new position in shares of RenaissanceRe in the 1st quarter valued at $271,000. Yorktown Management & Research Co Inc acquired a new position in shares of RenaissanceRe in the 1st quarter valued at $348,000. Deutsche Bank AG raised its stake in shares of RenaissanceRe by 4.2% in the 4th quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider's stock valued at $2,666,000 after buying an additional 431 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of RenaissanceRe by 128.4% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,142 shares of the insurance provider's stock valued at $274,000 after buying an additional 642 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RNR shares. Wells Fargo & Company restated an "equal weight" rating and issued a $269.00 price objective (up previously from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Barclays increased their price objective on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Cantor Fitzgerald started coverage on shares of RenaissanceRe in a research note on Tuesday. They issued a "neutral" rating and a $238.00 price objective for the company. Citigroup began coverage on shares of RenaissanceRe in a research note on Wednesday. They issued a "buy" rating and a $288.00 price objective for the company. Finally, Keefe, Bruyette & Woods increased their target price on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $282.09.

RenaissanceRe Trading Up 1.8%

RNR opened at $243.78 on Thursday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $11.47 billion, a PE ratio of 6.23, a PEG ratio of 2.40 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $300.00. The firm has a 50-day moving average price of $241.51 and a two-hundred day moving average price of $240.35.

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

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is 4.09%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.