RenaissanceRe Holdings Ltd. $RNR Shares Sold by Integrated Wealth Concepts LLC

Key Points

• Integrated Wealth Concepts LLC reduced its stake in RenaissanceRe Holdings Ltd. by 9.3%, selling 1,364 shares and leaving them with 13,266 shares valued at approximately $3.18 million.
• RenaissanceRe reported $12.29 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $10.28 EPS, although revenue fell short of estimates at $2.77 billion.
• The company announced a quarterly dividend of $0.40 per share, with an ex-dividend date of September 15th, representing an annual yield of 0.7%.

Integrated Wealth Concepts LLC lowered its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 9.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,266 shares of the insurance provider's stock after selling 1,364 shares during the quarter. Integrated Wealth Concepts LLC's holdings in RenaissanceRe were worth $3,184,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Advisors Asset Management Inc. raised its stake 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 valued at $106,000 after acquiring an additional 42 shares during the period. Resona Asset Management Co. Ltd. raised its stake in shares of RenaissanceRe by 0.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 8,047 shares of the insurance provider's stock valued at $1,931,000 after acquiring an additional 61 shares during the period. Fifth Third Bancorp raised its stake in shares of RenaissanceRe by 1.2% in the 1st quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock valued at $1,584,000 after acquiring an additional 79 shares during the period. QRG Capital Management Inc. raised its stake in shares of RenaissanceRe by 5.7% in the 1st quarter. QRG Capital Management Inc. now owns 1,642 shares of the insurance provider's stock valued at $394,000 after acquiring an additional 88 shares during the period. Finally, Brooklyn Investment Group boosted its stake in shares of 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 purchasing an additional 88 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Up 2.5%

Shares of RenaissanceRe stock traded up $6.06 during trading on Thursday, hitting $244.57. 323,453 shares of the stock were exchanged, compared to its average volume of 472,621. The stock has a market cap of $11.51 billion, a price-to-earnings ratio of 6.25, a price-to-earnings-growth ratio of 2.34 and a beta of 0.29. The firm's 50-day moving average price is $241.38 and its 200 day moving average price is $241.32. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month 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.

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

RenaissanceRe Announces Dividend

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

Analyst Upgrades and Downgrades

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

About RenaissanceRe

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.