RenaissanceRe Holdings Ltd. $RNR Shares Sold by Inceptionr LLC

Key Points

• Inceptionr LLC cut its stake in RenaissanceRe by 78% in Q3, selling 5,308 shares and leaving 1,498 shares worth about $380,000.
• RenaissanceRe materially beat quarterly expectations, reporting $13.34 EPS versus a $10.59 consensus and $2.97B in revenue (vs. $1.73B), with revenue up 29.6% year-over-year and strong profitability metrics.
• The company raised its quarterly dividend to $0.41 (annualized $1.64) with an ex-dividend date of March 13, and an EVP insider sold 5,000 shares at roughly $305.75.

Inceptionr LLC lowered its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 78.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,498 shares of the insurance provider's stock after selling 5,308 shares during the quarter. Inceptionr LLC's holdings in RenaissanceRe were worth $380,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Financial Consulate Inc. acquired a new position in shares of RenaissanceRe during the third quarter worth about $29,000. Farther Finance Advisors LLC lifted its position in RenaissanceRe by 151.9% in the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 79 shares during the period. Root Financial Partners LLC acquired a new stake in RenaissanceRe in the third quarter valued at about $36,000. Mather Group LLC. purchased a new stake in RenaissanceRe in the 3rd quarter valued at approximately $52,000. Finally, Smartleaf Asset Management LLC boosted its holdings in RenaissanceRe by 191.8% in the 3rd quarter. Smartleaf Asset Management LLC now owns 248 shares of the insurance provider's stock valued at $62,000 after purchasing an additional 163 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Performance

RenaissanceRe stock opened at $290.61 on Thursday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $315.88. The company has a market capitalization of $12.64 billion, a price-to-earnings ratio of 5.13, a PEG ratio of 0.68 and a beta of 0.21. The stock has a fifty day moving average of $288.48 and a two-hundred day moving average of $268.50. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.59 by $2.75. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The business's revenue was up 29.6% on a year-over-year basis. During the same period in the prior year, the business earned $8.06 earnings per share. On average, analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from RenaissanceRe's previous quarterly dividend of $0.40. RenaissanceRe's dividend payout ratio is presently 2.82%.

Wall Street Analysts Forecast Growth

RNR has been the subject of a number of analyst reports. Evercore increased their target price on RenaissanceRe from $283.00 to $291.00 and gave the stock an "in-line" rating in a research note on Wednesday, February 4th. BMO Capital Markets restated an "outperform" rating and issued a $303.00 price target on shares of RenaissanceRe in a research note on Friday, December 5th. Cantor Fitzgerald upped their price objective on RenaissanceRe from $252.00 to $282.00 and gave the stock a "neutral" rating in a report on Wednesday, January 14th. The Goldman Sachs Group reissued a "sell" rating and issued a $267.00 target price on shares of RenaissanceRe in a report on Wednesday, January 7th. Finally, Morgan Stanley cut shares of RenaissanceRe from an "overweight" rating to an "equal weight" rating and set a $310.00 price target on the stock. in a research note on Thursday, February 26th. Three equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $310.27.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the sale, the executive vice president directly owned 73,023 shares of the company's stock, valued at $22,326,782.25. This trade represents a 6.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.30% of the company's stock.

About RenaissanceRe

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.

Want to see what other hedge funds are holding RNR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.