First Trust Advisors LP Sells 70,332 Shares of RenaissanceRe Holdings Ltd. $RNR

First Trust Advisors LP lessened its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 41.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 99,963 shares of the insurance provider's stock after selling 70,332 shares during the period. First Trust Advisors LP owned about 0.23% of RenaissanceRe worth $29,712,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Lightrock Netherlands B.V. grew its stake in shares of RenaissanceRe by 4,690.1% during the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider's stock worth $286,083,000 after acquiring an additional 996,266 shares in the last quarter. Orbis Allan Gray Ltd acquired a new position in RenaissanceRe during the fourth quarter worth $178,519,000. Norges Bank bought a new position in shares of RenaissanceRe in the 4th quarter valued at about $168,582,000. Egerton Capital UK LLP bought a new stake in shares of RenaissanceRe in the 4th quarter valued at about $137,944,000. Finally, GQG Partners LLC acquired a new position in RenaissanceRe during the fourth quarter worth approximately $108,780,000. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Performance

Shares of NYSE:RNR opened at $334.63 on Wednesday. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $335.88. The company's 50 day moving average price is $306.36 and its two-hundred day moving average price is $299.40. The firm has a market cap of $13.90 billion, a PE ratio of 5.74, a PEG ratio of 1.24 and a beta of 0.17. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly 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. The business had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.57 billion. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.During the same period in the previous year, the company posted $12.29 earnings per share. Equities research analysts predict that RenaissanceRe Holdings Ltd. will post 41.08 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.41 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe's dividend payout ratio (DPR) is presently 2.81%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Evercore set a $330.00 target price on RenaissanceRe in a report on Thursday, July 23rd. Barclays raised their target price 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. Wolfe Research set a $315.00 price target on shares of RenaissanceRe in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods raised their price objective on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a research report on Monday. Finally, UBS Group set a $349.00 target price on RenaissanceRe and gave the company a "neutral" rating in a research report on Monday. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $336.33.

Insider Buying and Selling

In related news, EVP Robert Qutub sold 5,000 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were 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 represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, 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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