Hancock Whitney Corp Decreases Position in 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 reduced its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 13.1% in the 1st quarter, according to the company in its most recent disclosure 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Edmond DE Rothschild Holding S.A. bought a new stake in RenaissanceRe in the first quarter valued at $224,000. Cinctive Capital Management LP bought a new stake in RenaissanceRe in the first quarter valued at $828,000. Advisors Asset Management Inc. increased its position in shares of RenaissanceRe by 10.5% during the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider's stock worth $106,000 after acquiring an additional 42 shares in the last quarter. Amundi increased its position in shares of RenaissanceRe by 18.0% during the first quarter. Amundi now owns 6,924 shares of the insurance provider's stock worth $1,699,000 after acquiring an additional 1,054 shares in the last quarter. Finally, DRW Securities LLC bought a new stake in shares of RenaissanceRe during the first quarter worth about $325,000. 99.97% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. UBS Group boosted their target price on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Keefe, Bruyette & Woods raised their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. Morgan Stanley dropped their price target on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Finally, Wells Fargo & Company reiterated an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $282.09.

RenaissanceRe Trading Down 1.6%

RenaissanceRe stock traded down $3.95 during trading hours on Friday, reaching $240.68. The stock had a trading volume of 344,932 shares, compared to its average volume of 311,639. The stock has a market cap of $11.33 billion, a PE ratio of 6.15, a PEG ratio of 2.36 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $300.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. The company has a fifty day simple moving average of $241.51 and a 200-day simple moving average of $241.26.

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

RenaissanceRe Dividend Announcement

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

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.