Estate Counselors LLC Sells 4,885 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Estate Counselors LLC cut its RenaissanceRe stake by 46.6% in the first quarter, selling 4,885 shares and retaining 5,594 shares valued at approximately $1.66 million. Institutional investors own 99.97% of the company.
• Analyst sentiment remains mixed, with five Buy, eleven Hold, and one Sell rating. RenaissanceRe’s average price target is $335.80, while several firms recently raised their targets.
• RenaissanceRe exceeded quarterly expectations, reporting $12.92 in EPS and $2.77 billion in revenue, above consensus estimates of $11.72 EPS and $2.57 billion in revenue. The company also maintains a quarterly dividend of $0.41 per share.

Estate Counselors LLC reduced its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 46.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,594 shares of the insurance provider's stock after selling 4,885 shares during the period. Estate Counselors LLC's holdings in RenaissanceRe were worth $1,663,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Quantinno Capital Management LP grew its holdings in shares of RenaissanceRe by 14.7% in the 1st quarter. Quantinno Capital Management LP now owns 22,733 shares of the insurance provider's stock valued at $6,757,000 after acquiring an additional 2,920 shares in the last quarter. Delta Global Management LP bought a new stake in RenaissanceRe during the first quarter worth about $1,754,000. Entropy Technologies LP raised its holdings in RenaissanceRe by 14.7% during the first quarter. Entropy Technologies LP now owns 11,446 shares of the insurance provider's stock worth $3,402,000 after acquiring an additional 1,468 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in RenaissanceRe during the first quarter worth about $10,106,000. Finally, Public Employees Retirement System of Ohio boosted its position in RenaissanceRe by 2.3% during the first quarter. Public Employees Retirement System of Ohio now owns 17,356 shares of the insurance provider's stock valued at $5,159,000 after purchasing an additional 392 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RNR. Evercore set a $330.00 price target on RenaissanceRe in a research note on Thursday. Bank of America upped their price objective on RenaissanceRe from $410.00 to $438.00 and gave the stock a "buy" rating in a research note on Thursday, July 23rd. Citigroup raised RenaissanceRe from a "neutral" rating to a "buy" rating and increased their price objective for the company from $335.00 to $345.00 in a report on Wednesday, June 10th. Morgan Stanley raised 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. Finally, Mizuho boosted their target price on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. 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 stock. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of "Hold" and an average target price of $335.80.

RenaissanceRe Stock Performance

NYSE RNR opened at $328.94 on Tuesday. The stock has a market cap of $14.02 billion, a PE ratio of 5.65, a P/E/G ratio of 1.24 and a beta of 0.17. 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 firm has a 50-day moving average of $305.71 and a 200-day moving average of $298.97. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $331.45.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, beating analysts' consensus estimates of $11.72 by $1.20. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.57 billion. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. During the same quarter in the prior year, the business earned $12.29 EPS. On average, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.08 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Monday, June 15th. RenaissanceRe's payout ratio is currently 2.81%.

RenaissanceRe Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.