Edgestream Partners L.P. Cuts Stock Holdings in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Edgestream Partners reduced its RenaissanceRe stake by 13.3% in the first quarter, selling 5,500 shares and retaining 35,740 shares valued at approximately $10.6 million. Institutional investors collectively own 99.97% of RNR.
• Analysts remain broadly cautious, with a consensus “Hold” rating and an average price target of $336.33, although several firms recently raised their targets, including Bank of America to $438.
• RenaissanceRe exceeded quarterly expectations, reporting $12.92 EPS and $2.77 billion in revenue, while its shares opened at $332.61 near their 52-week high. The company also declared a quarterly dividend of $0.41 per share.

Edgestream Partners L.P. lowered its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 13.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,740 shares of the insurance provider's stock after selling 5,500 shares during the period. Edgestream Partners L.P. owned approximately 0.08% of RenaissanceRe worth $10,623,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of RenaissanceRe by 39.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider's stock worth $2,325,000 after purchasing an additional 2,737 shares in the last quarter. Millennium Management LLC purchased a new position in shares of RenaissanceRe in the first quarter worth $15,289,000. Jones Financial Companies Lllp lifted its holdings in shares of RenaissanceRe by 900.0% during the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider's stock valued at $324,000 after purchasing an additional 1,215 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of RenaissanceRe by 72.5% during the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider's stock valued at $13,725,000 after purchasing an additional 24,027 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of RenaissanceRe by 18.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider's stock valued at $107,000 after buying an additional 69 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on RNR. JPMorgan Chase & Co. boosted their target price on RenaissanceRe from $329.00 to $360.00 and gave the stock a "neutral" rating in a research report on Monday, July 20th. Barclays raised their price target on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an "equal weight" rating in a report on Tuesday, July 7th. Keefe, Bruyette & Woods lifted their price target on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a research note on Monday. Bank of America boosted their price objective on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Finally, Wall Street Zen downgraded shares of RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $336.33.

RenaissanceRe Price Performance

NYSE RNR opened at $332.61 on Thursday. The company has a 50-day moving average price of $306.94 and a 200-day moving average price of $299.78. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $335.97. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $13.82 billion, a P/E ratio of 5.71, a PEG ratio of 1.24 and a beta of 0.17.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $11.72 by $1.20. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same period in the previous year, the business posted $12.29 earnings per share. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.68 earnings per share for the current year.

RenaissanceRe Dividend Announcement

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 $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe's dividend payout ratio is 2.81%.

Insider Buying and Selling

In related news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the transaction, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.30% of the company's stock.

About RenaissanceRe

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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