Hurley Capital LLC Reduces Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Key Points

• Hurley Capital LLC significantly cut its stake in RenaissanceRe Holdings Ltd. by 91.9%, now holding only 523 shares valued at approximately $126,000.
• RenaissanceRe's shares have recently seen upgrades and target price adjustments from several analysts, with JPMorgan Chase & Co. raising its rating to "overweight" and setting a target price of $284.00.
• The company posted a quarterly earnings per share (EPS) of $12.29, which exceeded analysts' expectations by $2.01, despite a year-over-year revenue decline of 2.4%.

Hurley Capital LLC lessened its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 91.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 523 shares of the insurance provider's stock after selling 5,954 shares during the period. Hurley Capital LLC's holdings in RenaissanceRe were worth $126,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. First Trust Advisors LP boosted its holdings in shares of RenaissanceRe by 462.8% during the fourth quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider's stock worth $215,035,000 after purchasing an additional 710,698 shares during the period. Norges Bank purchased a new stake in shares of RenaissanceRe during the fourth quarter worth about $173,530,000. GAMMA Investing LLC boosted its holdings in shares of RenaissanceRe by 33,487.8% during the first quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock worth $95,040,000 after purchasing an additional 394,821 shares during the period. Capital World Investors boosted its holdings in shares of RenaissanceRe by 8.8% during the fourth quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider's stock worth $717,278,000 after purchasing an additional 233,708 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in shares of RenaissanceRe by 24.3% during the fourth quarter. Geode Capital Management LLC now owns 1,144,805 shares of the insurance provider's stock worth $284,907,000 after purchasing an additional 223,991 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

Insider Activity at RenaissanceRe

In other news, CAO James Christopher Fraser sold 332 shares of the 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 in the company, valued at $6,776,009.16. This represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.00% of the stock is currently owned by insiders.

RenaissanceRe Stock Up 0.0%

RNR traded up $0.04 during midday trading on Wednesday, reaching $244.38. The company's stock had a trading volume of 497,592 shares, compared to its average volume of 499,101. The stock's 50-day moving average is $242.25 and its 200-day moving average is $241.32. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $300.00. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $11.50 billion, a price-to-earnings ratio of 6.24, a PEG ratio of 2.59 and a beta of 0.30.

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

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.65%. The ex-dividend date was Friday, June 13th. RenaissanceRe's payout ratio is 4.09%.

Wall Street Analyst Weigh In

RNR has been the subject of a number of analyst reports. Morgan Stanley dropped their target price on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a report on Monday, July 14th. Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research report on Monday. Wells Fargo & Company reiterated an "equal weight" rating and set a $269.00 price target (up previously from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Jefferies Financial Group reduced their price target on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a research report on Friday, April 11th. Finally, UBS Group boosted their price target on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $287.50.

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.