RenaissanceRe Holdings Ltd. $RNR Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

Key Points

• UBS Asset Management cut its RenaissanceRe stake by 98.8% in the second quarter, selling 180,731 shares and retaining 2,114 shares valued at approximately $670,000. Institutional investors collectively own 99.97% of the company.
• Analysts remain broadly neutral: RenaissanceRe has a consensus “Hold” rating from MarketBeat, with an average price target of $336.33. Recent target increases ranged from $315 to $360.
• RenaissanceRe reported quarterly earnings of $12.92 per share on $2.77 billion in revenue and declared a quarterly dividend of $0.41 per share, equivalent to a 0.5% yield.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 98.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,114 shares of the insurance provider's stock after selling 180,731 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC's holdings in RenaissanceRe were worth $670,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Beacon Pointe Advisors LLC grew its position in shares of RenaissanceRe by 2.2% during the fourth quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider's stock worth $522,000 after buying an additional 40 shares in the last quarter. Midwest Professional Planners LTD. raised its holdings in shares of RenaissanceRe by 1.5% during the first quarter. Midwest Professional Planners LTD. now owns 3,313 shares of the insurance provider's stock valued at $985,000 after buying an additional 48 shares during the last quarter. Brown Brothers Harriman & Co. raised its holdings in shares of RenaissanceRe by 2.6% during the third quarter. Brown Brothers Harriman & Co. now owns 2,006 shares of the insurance provider's stock valued at $509,000 after buying an additional 51 shares during the last quarter. Quarry LP boosted its position in shares of RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after buying an additional 52 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its position in shares of RenaissanceRe by 11.8% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 493 shares of the insurance provider's stock worth $125,000 after buying an additional 52 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods boosted their price target on RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. upped their price objective on shares of RenaissanceRe from $329.00 to $360.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. TD Cowen increased their target price on shares of RenaissanceRe from $300.00 to $315.00 and gave the company a "hold" rating in a research report on Tuesday, July 7th. Weiss Ratings downgraded shares of RenaissanceRe from a "buy (b+)" rating to a "buy (b)" rating in a research report on Monday, August 17th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of RenaissanceRe in a research note on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $336.33.

Insider Buying and Selling

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the transaction, the executive vice president owned 72,907 shares of the company's stock, valued at $24,280,218.21. The trade was a 6.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company's stock.

RenaissanceRe Stock Up 0.1%

Shares of NYSE:RNR opened at $325.26 on Monday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market cap of $13.51 billion, a PE ratio of 5.58, a price-to-earnings-growth ratio of 1.18 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $340.24. The firm has a 50 day simple moving average of $323.42 and a 200 day simple moving average of $308.30.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share for the quarter. The firm had revenue of $2.77 billion for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. As a group, research analysts expect that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 15th. RenaissanceRe's dividend payout ratio is currently 2.81%.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global reinsurance and specialty insurance company. Founded in 1993, the company initially focused on property catastrophe reinsurance and has expanded its operations to serve insurers, businesses and other risk-bearing organizations worldwide.

RenaissanceRe provides reinsurance and insurance solutions covering property, casualty and specialty risks. Its property business includes protection against hurricanes, earthquakes, severe weather and other catastrophe-related events, while its casualty and specialty operations address risks such as liability, professional lines and other complex commercial exposures.

The company also manages and supports insurance-linked securities and other third-party capital strategies, allowing investors to participate in selected insurance risks.

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