KLP Kapitalforvaltning AS Decreases Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Key Points

• KLP Kapitalforvaltning AS reduced its stake in RenaissanceRe Holdings Ltd. by 8.9%, selling 1,200 shares, and currently holds 12,300 shares valued at approximately $2.95 million.
• RenaissanceRe's recent quarterly earnings report showed earnings per share of $12.29, exceeding estimates, but revenue decreased by 2.4% year-over-year.
• The stock has an average rating of "Hold" from analysts, with a consensus price target of $289.89.

KLP Kapitalforvaltning AS lessened its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 8.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,300 shares of the insurance provider's stock after selling 1,200 shares during the period. KLP Kapitalforvaltning AS's holdings in RenaissanceRe were worth $2,952,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Aster Capital Management DIFC Ltd bought a new position in shares of RenaissanceRe in the fourth quarter worth about $27,000. Tsfg LLC purchased a new stake in RenaissanceRe in the first quarter worth about $40,000. Huntington National Bank lifted its stake in RenaissanceRe by 179.3% in the fourth quarter. Huntington National Bank now owns 257 shares of the insurance provider's stock worth $64,000 after acquiring an additional 165 shares during the period. LRI Investments LLC lifted its stake in RenaissanceRe by 116.5% in the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock worth $63,000 after acquiring an additional 141 shares during the period. Finally, UMB Bank n.a. lifted its stake in RenaissanceRe by 165.1% in the first quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock worth $111,000 after acquiring an additional 289 shares during the period. Institutional investors own 99.97% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on RNR shares. JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Morgan Stanley decreased their price target on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research report on Monday, July 14th. Jefferies Financial Group decreased their price target on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research report on Friday, April 11th. JPMorgan Chase & Co. raised shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target for the company in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company reissued an "equal weight" rating and set a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $289.89.

Insider Activity at RenaissanceRe

In other news, CAO James Christopher Fraser sold 332 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer owned 27,154 shares of the company's stock, valued at $6,776,009.16. This trade represents a 1.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is owned by insiders.

RenaissanceRe Stock Performance

NYSE:RNR traded up $8.18 during midday trading on Friday, hitting $247.18. The company's stock had a trading volume of 947,140 shares, compared to its average volume of 485,375. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $300.00. The firm's 50 day moving average is $242.35 and its 200-day moving average is $241.41. 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 firm has a market cap of $12.03 billion, a P/E ratio of 6.32, a P/E/G ratio of 2.89 and a beta of 0.30.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping the consensus estimate of $10.28 by $2.01. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. RenaissanceRe's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $12.41 EPS. Equities analysts anticipate 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 was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. RenaissanceRe's payout ratio is 4.09%.

RenaissanceRe Company 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.