RenaissanceRe Holdings Ltd. $RNR Shares Sold by Impax Asset Management Group plc

Key Points

• Impax Asset Management cut its stake in RenaissanceRe by 20.5% in Q4, selling 250,556 shares and now holding 969,868 shares valued at about $272.7 million.
• RenaissanceRe posted a strong quarter—EPS $13.34 vs $10.59 expected and revenue $2.97B (up 29.6% YoY)—and raised its quarterly dividend to $0.41 (annualized $1.64).
• RNR shares are trading near $309 (down 1.4%) with a market cap of $13.34 billion, and analysts maintain a consensus Hold rating with a $322.64 target (4 Buys, 12 Holds, 1 Sell).

Impax Asset Management Group plc reduced its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 20.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 969,868 shares of the insurance provider's stock after selling 250,556 shares during the quarter. RenaissanceRe comprises approximately 1.7% of Impax Asset Management Group plc's portfolio, making the stock its 15th largest holding. Impax Asset Management Group plc owned about 2.10% of RenaissanceRe worth $272,688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in RenaissanceRe by 39.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider's stock worth $2,325,000 after acquiring an additional 2,737 shares in the last quarter. Millennium Management LLC acquired a new position in RenaissanceRe in the first quarter valued at $15,289,000. Jones Financial Companies Lllp increased its stake in RenaissanceRe by 900.0% in the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider's stock valued at $324,000 after purchasing an additional 1,215 shares during the period. Goldman Sachs Group Inc. increased its stake in RenaissanceRe by 72.5% in the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider's stock valued at $13,725,000 after purchasing an additional 24,027 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in RenaissanceRe by 18.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider's stock valued at $107,000 after purchasing an additional 69 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Stock Down 1.4%

RNR stock opened at $309.07 on Friday. The company has a market cap of $13.34 billion, a P/E ratio of 5.45, a P/E/G ratio of 0.74 and a beta of 0.24. RenaissanceRe Holdings Ltd. has a 52 week low of $229.19 and a 52 week high of $318.20. The company's 50-day moving average price is $301.07 and its 200 day moving average price is $280.63. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, topping analysts' consensus estimates of $10.59 by $2.75. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the firm earned $8.06 earnings per share. The firm's revenue was up 29.6% on a year-over-year basis. On average, research analysts expect that RenaissanceRe Holdings Ltd. will post 37.85 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

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

Analyst Ratings Changes

A number of research analysts have commented on RNR shares. Evercore set a $309.00 price objective on shares of RenaissanceRe in a research note on Thursday, April 9th. The Goldman Sachs Group restated a "sell" rating and issued a $267.00 price objective on shares of RenaissanceRe in a research note on Wednesday, January 7th. TD Cowen lifted their target price on shares of RenaissanceRe from $280.00 to $290.00 and gave the company a "hold" rating in a report on Thursday, February 26th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of RenaissanceRe in a report on Friday, March 27th. Finally, Wall Street Zen raised shares of RenaissanceRe from a "hold" rating to a "buy" rating in a report on Saturday, February 14th. Four research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $322.64.

Insider Activity

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the company's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total value of $1,528,750.00. Following the sale, the executive vice president owned 73,023 shares of the company's stock, valued at $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

RenaissanceRe 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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