Empowered Funds LLC decreased its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 79.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,305 shares of the insurance provider's stock after selling 36,717 shares during the quarter. Empowered Funds LLC's holdings in RenaissanceRe were worth $2,766,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in RNR. Boston Partners boosted its stake in RenaissanceRe by 9.9% in the 4th quarter. Boston Partners now owns 1,423,483 shares of the insurance provider's stock worth $400,150,000 after buying an additional 128,245 shares during the last quarter. Lightrock Netherlands B.V. increased its stake in shares of RenaissanceRe by 15.8% during the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock valued at $350,263,000 after acquiring an additional 160,915 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of RenaissanceRe by 5.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider's stock valued at $322,603,000 after acquiring an additional 52,371 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of RenaissanceRe by 17.6% during the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider's stock worth $195,182,000 after acquiring an additional 120,063 shares during the period. Finally, Orbis Allan Gray Ltd purchased a new position in shares of RenaissanceRe during the 4th quarter worth about $178,519,000. Hedge funds and other institutional investors own 99.97% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on RNR. JPMorgan Chase & Co. increased their price target on shares of RenaissanceRe from $329.00 to $360.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Bank of America upped their price objective on RenaissanceRe from $410.00 to $438.00 and gave the stock a "buy" rating in a report on Thursday, July 23rd. Barclays increased their target price on RenaissanceRe from $328.00 to $341.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. Wolfe Research set a $315.00 target price on RenaissanceRe in a report on Tuesday, July 7th. Finally, Morgan Stanley boosted their price target on RenaissanceRe from $310.00 to $320.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Five 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's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $336.33.
Check Out Our Latest Stock Analysis on RNR
Insider Buying and Selling at RenaissanceRe
In related news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction dated 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 sale, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by insiders.
RenaissanceRe Stock Performance
Shares of RNR stock opened at $322.06 on Wednesday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market cap of $13.38 billion, a PE ratio of 5.53, a P/E/G ratio of 1.18 and a beta of 0.17. The company's fifty day simple moving average is $308.86 and its 200-day simple moving average is $301.11. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $335.97.
RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share for the quarter, topping analysts' consensus estimates of $11.72 by $1.20. 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, compared to analysts' expectations of $2.57 billion. During the same period in the prior year, the company earned $12.29 EPS. As a group, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current year.
RenaissanceRe Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.41 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe's dividend payout ratio is presently 2.81%.
RenaissanceRe Profile
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Free Report)
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.
Further Reading
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