Principal Financial Group Inc. Reduces Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Principal Financial Group Inc. decreased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 4.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 113,447 shares of the insurance provider's stock after selling 5,587 shares during the period. Principal Financial Group Inc. owned about 0.23% of RenaissanceRe worth $27,227,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Aster Capital Management DIFC Ltd acquired a new stake in shares of RenaissanceRe during the fourth quarter valued at $27,000. SBI Securities Co. Ltd. acquired a new stake in shares of RenaissanceRe during the fourth quarter valued at $29,000. Jones Financial Companies Lllp boosted its stake in shares of RenaissanceRe by 1,587.5% during the fourth quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock valued at $34,000 after acquiring an additional 127 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of RenaissanceRe by 71.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock valued at $39,000 after acquiring an additional 65 shares during the last quarter. Finally, Tsfg LLC acquired a new stake in shares of RenaissanceRe during the first quarter valued at $40,000. Institutional investors and hedge funds own 99.97% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. JMP Securities reissued a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Wells Fargo & Company reissued an "equal weight" rating and issued a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research note on Thursday. Barclays raised RenaissanceRe from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $231.00 to $256.00 in a research note on Monday. Jefferies Financial Group decreased their price target on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $268.00 price target (down from $282.00) on shares of RenaissanceRe in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $288.56.

RenaissanceRe Trading Down 1.4%

Shares of NYSE RNR traded down $3.34 during midday trading on Thursday, hitting $236.91. The stock had a trading volume of 42,414 shares, compared to its average volume of 443,535. The company has a market capitalization of $11.53 billion, a price-to-earnings ratio of 7.55, a PEG ratio of 2.90 and a beta of 0.30. RenaissanceRe Holdings Ltd. has a 1-year low of $210.51 and a 1-year high of $300.00. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The company has a fifty day moving average price of $244.09 and a 200 day moving average price of $242.48.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($1.17). The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.36 billion. RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The business's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the prior year, the firm earned $12.18 earnings per share. On average, analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current 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 $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.68%. The ex-dividend date of this dividend was Friday, June 13th. RenaissanceRe's dividend payout ratio is currently 5.10%.

Insider Buying and Selling at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer directly owned 27,154 shares in the company, valued at approximately $6,776,009.16. This trade represents a 1.21% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by corporate insiders.

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.