Formuepleje A S Has $4.22 Million Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Formuepleje A S reduced its RenaissanceRe position by 56.6% in the second quarter, selling 17,397 shares and retaining 13,320 shares valued at approximately $4.22 million. Institutional investors collectively own 99.97% of the company.
• Analyst sentiment remains mixed, with five Buy, eleven Hold, and one Sell rating. The stock has an average price target of $336.33, compared with its reported market price of $329.98.
• RenaissanceRe reported quarterly earnings of $12.92 per share on $2.77 billion in revenue, while announcing a quarterly dividend of $0.41 per share, equivalent to a 0.5% annual yield.

Formuepleje A S cut its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 56.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,320 shares of the insurance provider's stock after selling 17,397 shares during the period. Formuepleje A S's holdings in RenaissanceRe were worth $4,221,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Continuum Advisory LLC bought a new stake in RenaissanceRe in the second quarter valued at approximately $38,000. Kingdom Financial Group LLC. bought a new stake in RenaissanceRe in the 4th quarter valued at $36,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in RenaissanceRe during the second quarter worth $42,000. Quarry LP boosted its position in RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after purchasing an additional 52 shares during the period. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 94 shares during the last quarter. Institutional investors own 99.97% of the company's stock.

Analyst Upgrades and Downgrades

RNR has been the subject of a number of research reports. Weiss Ratings cut shares of RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a research note on Monday, August 17th. Barclays upped their price target on shares of RenaissanceRe from $328.00 to $341.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 7th. Bank of America boosted 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. Morgan Stanley upped their target price on RenaissanceRe from $310.00 to $320.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Finally, Citigroup raised RenaissanceRe from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $336.33.

Insider Buying and Selling

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the transaction, the executive vice president directly owned 72,907 shares of the company's stock, valued at $24,280,218.21. The trade was a 6.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by company insiders.

RenaissanceRe Stock Performance

NYSE RNR opened at $329.98 on Monday. The firm has a 50-day moving average price of $323.06 and a two-hundred day moving average price of $307.49. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $340.24. The company has a market capitalization of $13.71 billion, a P/E ratio of 5.66, a P/E/G ratio of 1.20 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 announced its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The company had revenue of $2.77 billion for the quarter. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is 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.

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