Lecap Asset Management Ltd. Sells 3,708 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• 72.2% stake reduction — Lecap Asset Management sold 3,708 shares of RenaissanceRe in Q4, leaving 1,428 shares valued at about $401,000 after the transaction.
• RenaissanceRe posted a strong quarter, beating estimates with $13.34 EPS (vs. $10.59 expected) and $2.97 billion in revenue, and modestly raised its quarterly dividend to $0.41 (annualized $1.64, yield ~0.5%).
• Insider selling and neutral analyst view — EVP Robert Qutub sold 5,000 shares at $305.75, while analysts hold a consensus "Hold" rating with an average target of $322.64 and the stock trading near $312.65.

Lecap Asset Management Ltd. lessened its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 72.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,428 shares of the insurance provider's stock after selling 3,708 shares during the quarter. Lecap Asset Management Ltd.'s holdings in RenaissanceRe were worth $401,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Financial Consulate Inc. acquired a new position in shares of RenaissanceRe in the 3rd quarter valued at approximately $29,000. Farther Finance Advisors LLC boosted its position in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider's stock worth $33,000 after acquiring an additional 79 shares in the last quarter. Quarry LP increased its stake in RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider's stock valued at $34,000 after acquiring an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in 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 acquiring an additional 94 shares during the last quarter. Finally, Root Financial Partners LLC acquired a new position in RenaissanceRe during the third quarter valued at approximately $36,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the transaction, the executive vice president owned 73,023 shares in the company, valued at approximately $22,326,782.25. This trade represents a 6.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.30% of the company's stock.

Analysts Set New Price Targets

RNR has been the topic of several recent analyst reports. TD Cowen lifted their price target on RenaissanceRe from $280.00 to $290.00 and gave the company a "hold" rating in a research note on Thursday, February 26th. Zacks Research lowered RenaissanceRe from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 6th. JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $303.00 to $329.00 and gave the company a "neutral" rating in a research report on Wednesday, January 7th. Evercore set a $309.00 target price on shares of RenaissanceRe in a report on Thursday, April 9th. Finally, Morgan Stanley lowered shares of RenaissanceRe from an "overweight" rating to an "equal weight" rating and set a $310.00 price target on the stock. in a report on Thursday, February 26th. Four equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $322.64.

RenaissanceRe Stock Down 0.8%

Shares of NYSE:RNR opened at $312.65 on Tuesday. The firm has a market cap of $13.49 billion, a P/E ratio of 5.52, a P/E/G ratio of 0.73 and a beta of 0.24. RenaissanceRe Holdings Ltd. has a 12-month low of $222.75 and a 12-month high of $318.20. The business has a fifty day simple moving average of $300.40 and a 200 day simple moving average of $279.52. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating the consensus estimate of $10.59 by $2.75. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The company had revenue of $2.97 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the prior year, the firm posted $8.06 earnings per share. The business's quarterly revenue was up 29.6% on a year-over-year basis. Analysts predict that RenaissanceRe Holdings Ltd. will post 38.38 earnings per share for the current year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were given a dividend of $0.41 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. This is a boost from RenaissanceRe's previous quarterly dividend of $0.40. RenaissanceRe's payout ratio is currently 2.89%.

RenaissanceRe Company 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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