Hancock Whitney Corp Sells 1,220 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Hancock Whitney Corp reduced its stake in RenaissanceRe Holdings Ltd. by 13.1%, selling 1,220 shares and holding 8,066 shares valued at approximately $1.94 million.
• RenaissanceRe reported a quarterly earnings per share of $12.29, exceeding analysts' expectations of $10.28, despite a 2.4% decline in revenue year-over-year.
• The company announced a dividend of $0.40 per share, representing a yield of 0.7%, with the ex-dividend date set for September 15th.

Hancock Whitney Corp lowered its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 13.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,066 shares of the insurance provider's stock after selling 1,220 shares during the period. Hancock Whitney Corp's holdings in RenaissanceRe were worth $1,936,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in RNR. Brooklyn Investment Group increased its holdings in RenaissanceRe by 151.7% in the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after buying an additional 88 shares in the last quarter. Tsfg LLC purchased a new stake in RenaissanceRe during the 1st quarter worth $40,000. LRI Investments LLC increased its position in shares of RenaissanceRe by 116.5% in the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock worth $63,000 after purchasing an additional 141 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of RenaissanceRe by 10.5% in the 1st quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider's stock worth $106,000 after purchasing an additional 42 shares during the last quarter. Finally, UMB Bank n.a. grew its position in shares of RenaissanceRe by 165.1% during the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock valued at $111,000 after buying an additional 289 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Price Performance

Shares of NYSE:RNR traded down $1.22 during trading on Wednesday, hitting $237.12. 97,856 shares of the company were exchanged, compared to its average volume of 471,954. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $300.00. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $11.16 billion, a P/E ratio of 6.06, a price-to-earnings-growth ratio of 2.35 and a beta of 0.29. The business's 50 day moving average is $241.32 and its 200-day moving average is $241.34.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, beating analysts' consensus estimates of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The business had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.96 billion. During the same quarter in the prior year, the firm posted $12.41 earnings per share. The business's quarterly revenue was down 2.4% compared to the same quarter last year. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is presently 4.09%.

Wall Street Analyst Weigh In

RNR has been the subject of several recent research reports. Citigroup started coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They set a "buy" rating and a $288.00 target price for the company. UBS Group upped their price target on RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Barclays raised their target price on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Wells Fargo & Company reissued an "equal weight" rating and issued a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods upped their price target on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $282.09.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.