Empowered Funds LLC Reduces Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Empowered Funds LLC cut its RenaissanceRe position by 71.5% in the second quarter, leaving the fund with 2,648 shares valued at approximately $839,000. Institutional investors and hedge funds collectively own 99.97% of RNR.
• Analysts maintain a generally cautious outlook, with an overall “Hold” consensus and an average price target of $336.33. Recent targets range from $320 to $360, while five analysts rate the stock a Buy, eleven a Hold, and one a Sell.
• RenaissanceRe reported quarterly EPS of $12.92 on $2.77 billion in revenue, with a 23.65% net margin and 23.10% return on equity. The company also declared a $0.41 quarterly dividend, equivalent to a 0.5% yield.

Empowered Funds LLC trimmed its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 71.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,648 shares of the insurance provider's stock after selling 6,657 shares during the period. Empowered Funds LLC's holdings in RenaissanceRe were worth $839,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of RNR. SBI Securities Co. Ltd. grew its stake in RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock valued at $41,000 after acquiring an additional 37 shares in the last quarter. Beacon Pointe Advisors LLC raised its holdings in RenaissanceRe by 2.2% in the 4th quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider's stock valued at $522,000 after acquiring an additional 40 shares during the last quarter. Midwest Professional Planners LTD. lifted its stake in RenaissanceRe by 1.5% in the 1st quarter. Midwest Professional Planners LTD. now owns 3,313 shares of the insurance provider's stock worth $985,000 after purchasing an additional 48 shares in the last quarter. Brown Brothers Harriman & Co. lifted its stake in RenaissanceRe by 2.6% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 2,006 shares of the insurance provider's stock worth $509,000 after purchasing an additional 51 shares in the last quarter. Finally, Quarry LP lifted its stake in RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after purchasing an additional 52 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RNR has been the subject of a number of analyst reports. Weiss Ratings lowered RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, August 17th. Wells Fargo & Company increased their price target on RenaissanceRe from $306.00 to $329.00 and gave the company an "equal weight" rating in a report on Thursday, July 9th. Morgan Stanley lifted their price objective on RenaissanceRe from $310.00 to $320.00 and gave the stock an "equal weight" rating in a research report on Monday, July 6th. JPMorgan Chase & Co. boosted their price objective on RenaissanceRe from $329.00 to $360.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of RenaissanceRe in a report on Thursday, July 23rd. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $336.33.

RenaissanceRe Stock Performance

NYSE:RNR opened at $329.98 on Friday. The company's 50-day moving average is $323.06 and its two-hundred day moving average is $307.45. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $340.24. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The firm has a market capitalization of $13.71 billion, a price-to-earnings ratio of 5.66, a PEG ratio of 1.20 and a beta of 0.17.

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

RenaissanceRe Dividend Announcement

The firm also recently disclosed 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 annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe's dividend payout ratio is presently 2.81%.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm's 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 completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by company insiders.

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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