Corient Private Wealth LP Sells 6,575 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Corient Private Wealth LP cut its RenaissanceRe position by 48.2% in the second quarter, selling 6,575 shares and retaining 7,067 shares valued at approximately $2.24 million. Institutional investors collectively own 99.97% of the stock.
• Analyst sentiment remains mixed: RenaissanceRe has a consensus “Hold” rating and an average price target of $338.12, although Citigroup upgraded the stock to “Buy” with a $345 target.
• RenaissanceRe reported quarterly earnings of $12.92 per share on $2.77 billion in revenue and announced a quarterly dividend of $0.41 per share, representing an annualized yield of about 0.5%.

Corient Private Wealth LP lowered its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 48.2% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,067 shares of the insurance provider's stock after selling 6,575 shares during the period. Corient Private Wealth LP's holdings in RenaissanceRe were worth $2,240,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Continuum Advisory LLC acquired a new position in shares of RenaissanceRe during the second quarter worth $38,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in RenaissanceRe during the 2nd quarter worth $42,000. Clearstead Advisors LLC lifted its holdings in RenaissanceRe by 134.7% during the 4th quarter. Clearstead Advisors LLC now owns 176 shares of the insurance provider's stock worth $49,000 after buying an additional 101 shares during the period. Allworth Financial LP lifted its holdings in RenaissanceRe by 78.8% during the 4th quarter. Allworth Financial LP now owns 363 shares of the insurance provider's stock worth $102,000 after buying an additional 160 shares during the period. Finally, Globeflex Capital L P bought a new stake in shares of RenaissanceRe in the 1st quarter valued at about $160,000. 99.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

RNR has been the subject of a number of analyst reports. Citigroup upgraded RenaissanceRe from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $335.00 to $345.00 in a research report on Wednesday, June 10th. Evercore set a $330.00 target price on shares of RenaissanceRe in a research report on Thursday, July 23rd. Barclays raised their price target on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 7th. Wells Fargo & Company upped their price objective on shares of RenaissanceRe from $306.00 to $329.00 and gave the company an "equal weight" rating in a research note on Thursday, July 9th. Finally, TD Cowen increased their price objective on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a "hold" rating in a research report on Tuesday, July 7th. Six research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $338.12.

RenaissanceRe Stock Performance

NYSE:RNR opened at $326.16 on Wednesday. The company has a fifty day moving average of $324.60 and a 200-day moving average of $309.59. The firm has a market capitalization of $13.55 billion, a P/E ratio of 5.60, a P/E/G ratio of 1.19 and a beta of 0.17. 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 $340.24.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The firm had revenue of $2.77 billion during the quarter. As a group, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 15th. RenaissanceRe's payout ratio is presently 2.81%.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global reinsurance and specialty insurance company. Founded in 1993, the company initially focused on property catastrophe reinsurance and has expanded its operations to serve insurers, businesses and other risk-bearing organizations worldwide.

RenaissanceRe provides reinsurance and insurance solutions covering property, casualty and specialty risks. Its property business includes protection against hurricanes, earthquakes, severe weather and other catastrophe-related events, while its casualty and specialty operations address risks such as liability, professional lines and other complex commercial exposures.

The company also manages and supports insurance-linked securities and other third-party capital strategies, allowing investors to participate in selected insurance risks.

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