Corient Private Wealth LP Sells 6,392 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Corient Private Wealth LP cut its RenaissanceRe stake by 46.9% in the second quarter, selling 6,392 shares and retaining 7,250 shares valued at approximately $2.3 million.
• RenaissanceRe shares rose 0.5% to $331.37, near the company’s 12-month high, while the insurer reported quarterly EPS of $12.92 on $2.77 billion in revenue and a 23.65% net margin.
• The company declared a quarterly dividend of $0.41 per share, equivalent to an annualized $1.64 payout and a 0.5% yield. Analysts’ consensus rating is “Hold,” with an average price target of $336.33.

Corient Private Wealth LP decreased its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 46.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,250 shares of the insurance provider's stock after selling 6,392 shares during the quarter. Corient Private Wealth LP's holdings in RenaissanceRe were worth $2,298,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Kingdom Financial Group LLC. acquired a new position in RenaissanceRe in the fourth quarter valued at approximately $36,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in RenaissanceRe during the 2nd quarter worth $42,000. Quarry LP grew its holdings in RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after acquiring an additional 52 shares during the period. CIBC Private Wealth Group LLC grew its holdings in RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock worth $34,000 after acquiring an additional 94 shares during the period. Finally, Mcguire Capital Advisors Inc. bought a new stake in shares of RenaissanceRe during the 4th quarter valued at $38,000. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Stock Up 0.5%

RenaissanceRe stock opened at $331.37 on Thursday. The company has a 50 day moving average of $322.21 and a 200-day moving average of $307.02. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a twelve month low of $231.17 and a twelve month high of $335.97. The stock has a market capitalization of $13.77 billion, a PE ratio of 5.69, a price-to-earnings-growth ratio of 1.20 and a beta of 0.17.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The business had revenue of $2.77 billion for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. On average, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued 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 is Tuesday, September 15th. RenaissanceRe's dividend payout ratio is 2.81%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RNR. Citigroup raised RenaissanceRe from a "neutral" rating to a "buy" rating and increased their price target for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. Cantor Fitzgerald reiterated an "overweight" rating on shares of RenaissanceRe in a report on Thursday, July 23rd. UBS Group set a $349.00 target price on RenaissanceRe and gave the company a "neutral" rating in a research note on Monday, July 27th. Wells Fargo & Company increased their target price on RenaissanceRe from $306.00 to $329.00 and gave the company an "equal weight" rating in a research note on Thursday, July 9th. Finally, Weiss Ratings cut RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a report on Monday, August 17th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, RenaissanceRe currently has an average rating of "Hold" and a consensus price target of $336.33.

Insider Activity

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

RenaissanceRe Company 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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