Jennison Associates LLC Sells 131,911 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Jennison Associates LLC lowered its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 36.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 227,768 shares of the insurance provider's stock after selling 131,911 shares during the period. Jennison Associates LLC owned approximately 0.47% of RenaissanceRe worth $54,664,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. First Trust Advisors LP boosted its stake in shares of RenaissanceRe by 462.8% in the fourth quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider's stock valued at $215,035,000 after purchasing an additional 710,698 shares during the period. Norges Bank purchased a new position in shares of RenaissanceRe in the fourth quarter valued at $173,530,000. GAMMA Investing LLC boosted its stake in shares of RenaissanceRe by 33,487.8% in the first quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock valued at $95,040,000 after purchasing an additional 394,821 shares during the period. Capital World Investors boosted its stake in RenaissanceRe by 8.8% during the 4th quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider's stock valued at $717,278,000 after acquiring an additional 233,708 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in RenaissanceRe by 24.3% during the 4th quarter. Geode Capital Management LLC now owns 1,144,805 shares of the insurance provider's stock valued at $284,907,000 after acquiring an additional 223,991 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

Insider Activity at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the business's stock in a transaction 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 transaction, the chief accounting officer owned 27,154 shares of the company's stock, valued at approximately $6,776,009.16. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

RenaissanceRe Trading Down 1.3%

Shares of RNR traded down $3.11 during midday trading on Friday, hitting $235.89. The stock had a trading volume of 347,357 shares, compared to its average volume of 449,800. RenaissanceRe Holdings Ltd. has a fifty-two week low of $210.51 and a fifty-two week high of $300.00. The business has a 50-day simple moving average of $242.92 and a two-hundred day simple moving average of $241.85. The firm has a market cap of $11.48 billion, a P/E ratio of 7.52, a price-to-earnings-growth ratio of 2.76 and a beta of 0.30. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued 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 business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.36 billion. RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. RenaissanceRe's revenue was up 7.6% compared to the same quarter last year. During the same period in the previous year, the business posted $12.18 EPS. As a group, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date of this dividend was Friday, June 13th. RenaissanceRe's dividend payout ratio is 5.10%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Wells Fargo & Company reiterated an "equal weight" rating and set a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $268.00 target price (down from $282.00) on shares of RenaissanceRe in a report on Wednesday, July 9th. Bank of America dropped their target price on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a report on Wednesday, March 26th. JMP Securities reissued a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. Finally, JPMorgan Chase & Co. raised 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. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $288.00.

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.