RenaissanceRe Holdings Ltd. $RNR Stock Sold by Cooke & Bieler LP

Key Points

• Cooke & Bieler LP cut its RenaissanceRe stake by 25.5% in the third quarter, selling 198,284 shares and retaining 578,315 shares valued at approximately $184 million.
• Analyst sentiment remains mixed but leans toward “Hold,” with a consensus price target of $337.50; RenaissanceRe shares opened at $355.36, near their 52-week high.
• RenaissanceRe reported quarterly EPS of $12.92 on $2.77 billion in revenue and pays a quarterly dividend of $0.41 per share, equivalent to a 0.5% yield.

Cooke & Bieler LP lowered its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 25.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 578,315 shares of the insurance provider's stock after selling 198,284 shares during the quarter. RenaissanceRe accounts for about 2.7% of Cooke & Bieler LP's investment portfolio, making the stock its 4th biggest holding. Cooke & Bieler LP owned about 1.39% of RenaissanceRe worth $184,037,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Quadrant Capital Group LLC lifted its stake in RenaissanceRe by 5.6% in the third quarter. Quadrant Capital Group LLC now owns 5,965 shares of the insurance provider's stock valued at $2,033,000 after buying an additional 318 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of RenaissanceRe by 15.6% during the third quarter. Nisa Investment Advisors LLC now owns 1,259 shares of the insurance provider's stock worth $401,000 after buying an additional 170 shares in the last quarter. Prime Capital Investment Advisors LLC acquired a new position in RenaissanceRe during the 3rd quarter worth approximately $205,000. Ashurst Perkins Coie Trust Co acquired a new stake in shares of RenaissanceRe in the third quarter valued at approximately $26,000. Finally, Mather Group LLC. lifted its position in shares of RenaissanceRe by 18.0% in the third quarter. Mather Group LLC. now owns 242 shares of the insurance provider's stock worth $77,000 after purchasing an additional 37 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

Insider Activity

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the sale, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RNR shares. Wells Fargo & Company dropped their target price on RenaissanceRe from $331.00 to $319.00 and set an "equal weight" rating on the stock in a report on Monday, October 12th. Morgan Stanley upped their target price on RenaissanceRe from $310.00 to $320.00 and gave the company an "equal weight" rating in a research report on Monday, July 6th. Jefferies Financial Group raised shares of RenaissanceRe from a "hold" rating to a "market outperform" rating in a report on Tuesday, September 22nd. Mizuho raised their price target on RenaissanceRe from $325.00 to $329.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Finally, UBS Group set a $349.00 target price on shares of RenaissanceRe and gave the company a "neutral" rating in a report on Monday, July 27th. Six investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $337.50.

RenaissanceRe Stock Performance

NYSE:RNR opened at $355.36 on Thursday. The stock's 50-day moving average is $329.74 and its 200-day moving average is $315.35. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $357.07. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a market cap of $14.77 billion, a P/E ratio of 6.10, a price-to-earnings-growth ratio of 0.99 and a beta of 0.12.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The firm had revenue of $2.77 billion for the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 45.66 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given 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 was Tuesday, September 15th. RenaissanceRe's payout ratio is presently 2.81%.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.

RenaissanceRe's reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.

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.