Man Group plc Lowers Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Man Group plc reduced its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 39.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,949 shares of the insurance provider's stock after selling 14,946 shares during the period. Man Group plc's holdings in RenaissanceRe were worth $5,710,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. MassMutual Private Wealth & Trust FSB grew its position in RenaissanceRe by 51.3% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider's stock valued at $30,000 after acquiring an additional 41 shares during the last quarter. UMB Bank n.a. grew its position in RenaissanceRe by 40.0% during the fourth quarter. UMB Bank n.a. now owns 175 shares of the insurance provider's stock valued at $44,000 after acquiring an additional 50 shares during the last quarter. Lifestyle Asset Management Inc. grew its holdings in shares of RenaissanceRe by 1.1% in the fourth quarter. Lifestyle Asset Management Inc. now owns 4,645 shares of the insurance provider's stock worth $1,156,000 after purchasing an additional 52 shares during the last quarter. AMG National Trust Bank grew its holdings in shares of RenaissanceRe by 1.3% in the fourth quarter. AMG National Trust Bank now owns 4,688 shares of the insurance provider's stock worth $1,166,000 after purchasing an additional 59 shares during the last quarter. Finally, Principal Securities Inc. grew its holdings in shares of RenaissanceRe by 11.9% in the fourth quarter. Principal Securities Inc. now owns 565 shares of the insurance provider's stock worth $141,000 after purchasing an additional 60 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Trading Up 0.2%

RNR stock traded up $0.43 on Friday, reaching $239.20. The company's stock had a trading volume of 711,311 shares, compared to its average volume of 431,649. The business has a fifty day simple moving average of $240.48 and a two-hundred day simple moving average of $248.57. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00. The firm has a market cap of $11.64 billion, a PE ratio of 6.83, a PEG ratio of 2.09 and a beta of 0.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. The business had revenue of $3.44 billion during the quarter, compared to analysts' expectations of $3.36 billion. During the same period in the previous year, the business earned $12.18 EPS. The business's revenue was up 7.6% compared to the same quarter last year. As a group, research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend is Friday, June 13th. RenaissanceRe's dividend payout ratio is currently 5.10%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Jefferies Financial Group cut their target price on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Morgan Stanley set a $285.00 target price on shares of RenaissanceRe and gave the stock an "overweight" rating in a report on Monday. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 target price on the stock in a report on Tuesday, April 8th. Barclays cut their target price on shares of RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating on the stock in a report on Friday, April 11th. Finally, Keefe, Bruyette & Woods raised their target price on shares of RenaissanceRe from $279.00 to $282.00 and gave the stock an "outperform" rating in a report on Tuesday, April 29th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $283.60.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the firm's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the completion of the transaction, the chief accounting officer now owns 27,154 shares of the company's stock, valued at approximately $6,776,009.16. This trade represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.30% of the company's stock.

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.