Engineers Gate Manager LP Sells 46,173 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Engineers Gate Manager LP reduced its RenaissanceRe stake by 96.6%, selling 46,173 shares and retaining 1,633 shares valued at approximately $517,000.
• Institutional ownership remains extremely high at 99.97%, with several major investors—including BlackRock, Norges Bank and GQG Partners—initiating sizable positions.
• Analysts maintain a consensus “Hold” rating with an average price target of $338.12; RenaissanceRe recently reported $12.92 in quarterly EPS and declared a $0.41 quarterly dividend.

Engineers Gate Manager LP trimmed its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 96.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,633 shares of the insurance provider's stock after selling 46,173 shares during the quarter. Engineers Gate Manager LP's holdings in RenaissanceRe were worth $517,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new stake in shares of RenaissanceRe in the 2nd quarter worth approximately $1,319,724,000. Norges Bank acquired a new stake in RenaissanceRe during the fourth quarter worth $168,582,000. GQG Partners LLC bought a new stake in RenaissanceRe in the 2nd quarter valued at $185,351,000. Egerton Capital UK LLP bought a new stake in RenaissanceRe in the 4th quarter valued at $137,944,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of RenaissanceRe in the 2nd quarter valued at $116,717,000. Institutional investors and hedge funds own 99.97% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on RNR shares. Royal Bank Of Canada assumed coverage on shares of RenaissanceRe in a report on Tuesday. They set a "sector perform" rating and a $365.00 price objective for the company. Morgan Stanley upped their target price on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an "equal weight" rating in a research note on Monday, July 6th. Citigroup raised shares of RenaissanceRe from a "neutral" rating to a "buy" rating and increased their price target for the stock from $335.00 to $345.00 in a research report on Wednesday, June 10th. 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 research note on Tuesday, July 7th. Finally, Evercore set a $330.00 price objective on RenaissanceRe in a report on Thursday, July 23rd. Six equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $338.12.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the company'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 transaction, the executive vice president owned 72,907 shares of the company's stock, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

RenaissanceRe Trading Up 0.8%

Shares of RNR opened at $328.36 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $13.64 billion, a price-to-earnings ratio of 5.64, a PEG ratio of 1.19 and a beta of 0.17. The stock has a fifty day moving average price of $325.01 and a two-hundred day moving average price of $309.81. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $340.24.

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

RenaissanceRe Dividend Announcement

The business 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 payout ratio is 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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