RenaissanceRe Holdings Ltd. $RNR Stake Lowered by South Dakota Investment Council

Key Points

• South Dakota Investment Council reduced its RenaissanceRe stake by 7.1% in the first quarter, selling 3,589 shares and retaining 46,852 shares worth approximately $13.9 million. Institutional investors collectively own 99.97% of the company.
• RenaissanceRe reported quarterly earnings of $12.92 per share, beating estimates of $11.72, while revenue of $2.77 billion also exceeded expectations. The stock recently traded near its 52-week high at $332.61.
• Analysts maintain a consensus “Hold” rating with an average price target of $336.33; the company also declared a quarterly dividend of $0.41 per share, yielding approximately 0.5%.

South Dakota Investment Council trimmed its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 7.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 46,852 shares of the insurance provider's stock after selling 3,589 shares during the quarter. South Dakota Investment Council owned about 0.11% of RenaissanceRe worth $13,926,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Quarry LP grew its stake in RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after buying an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC lifted its stake in RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock valued at $34,000 after buying an additional 94 shares during the last quarter. Kingdom Financial Group LLC. bought a new stake in RenaissanceRe in the fourth quarter valued at $36,000. Mcguire Capital Advisors Inc. acquired a new position in shares of RenaissanceRe during the fourth quarter valued at $38,000. Finally, SBI Securities Co. Ltd. increased its holdings in shares of RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock worth $41,000 after acquiring an additional 37 shares during the period. Institutional investors own 99.97% of the company's stock.

Insider Buying and Selling

In related news, EVP Robert Qutub sold 5,000 shares of the business's stock in a transaction that occurred on 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 sale, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on RNR. Cantor Fitzgerald reissued an "overweight" rating on shares of RenaissanceRe in a research note on Thursday, July 23rd. Evercore set a $330.00 price target on shares of RenaissanceRe in a research note on Thursday, July 23rd. Morgan Stanley lifted their price target on RenaissanceRe from $310.00 to $320.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. UBS Group set a $349.00 price objective on RenaissanceRe and gave the stock a "neutral" rating in a research report on Monday. Finally, Mizuho boosted their price objective on RenaissanceRe from $325.00 to $329.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, RenaissanceRe has a consensus rating of "Hold" and an average price target of $336.33.

RenaissanceRe Stock Performance

RNR stock opened at $332.61 on Thursday. The company has a market capitalization of $13.82 billion, a P/E ratio of 5.71, a PEG ratio of 1.24 and a beta of 0.17. The company has a 50-day simple moving average of $306.94 and a 200 day simple moving average of $299.78. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $335.97. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, beating the consensus estimate of $11.72 by $1.20. The firm had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.57 billion. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. During the same quarter last year, the company earned $12.29 EPS. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 41.68 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business 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 dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is currently 2.81%.

RenaissanceRe Company 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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