RenaissanceRe Holdings Ltd. $RNR Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. reduced its stake in RenaissanceRe Holdings by 39.3% during the first quarter, leaving them with approximately $4.93 million worth of shares.
• Analysts have varied opinions on RenaissanceRe, with four analysts rating it as a Buy and a consensus rating of "Hold", alongside an average price target of $282.09.
• RenaissanceRe recently announced a quarterly dividend of $0.40 per share, with the dividend yield currently at 0.6%.

Russell Investments Group Ltd. trimmed its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 39.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,539 shares of the insurance provider's stock after selling 13,297 shares during the quarter. Russell Investments Group Ltd.'s holdings in RenaissanceRe were worth $4,929,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of RNR. GAMMA Investing LLC grew its position in RenaissanceRe by 33,487.8% during the first quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock worth $95,040,000 after buying an additional 394,821 shares in the last quarter. Nuveen LLC bought a new stake in shares of RenaissanceRe in the 1st quarter worth approximately $54,087,000. Cooke & Bieler LP lifted its position in RenaissanceRe by 18.0% in the 1st quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider's stock valued at $299,458,000 after acquiring an additional 190,139 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of RenaissanceRe by 17.9% during the 4th quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock valued at $203,339,000 after buying an additional 124,125 shares during the period. Finally, Polar Capital Holdings Plc lifted its holdings in shares of RenaissanceRe by 5.7% during the 4th quarter. Polar Capital Holdings Plc now owns 1,298,190 shares of the insurance provider's stock valued at $323,003,000 after buying an additional 69,884 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

NYSE RNR traded down $0.84 during trading hours on Tuesday, hitting $244.59. 81,549 shares of the company's stock traded hands, compared to its average volume of 476,298. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The company has a market capitalization of $11.51 billion, a PE ratio of 6.25, a PEG ratio of 2.43 and a beta of 0.29. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. The firm's 50-day moving average is $241.48 and its 200-day moving average is $240.54.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, beating the consensus estimate of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The business had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. During the same quarter in the prior year, the company posted $12.41 EPS. The business's revenue for the quarter was down 2.4% on a year-over-year basis. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio is currently 4.09%.

Analysts Set New Price Targets

RNR has been the subject of a number of research analyst reports. Wells Fargo & Company restated an "equal weight" rating and set a $269.00 price objective (up previously from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Citigroup started coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price objective for the company. Keefe, Bruyette & Woods lifted their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Cantor Fitzgerald raised shares of RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Finally, Morgan Stanley cut their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a report on Monday, July 14th. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, RenaissanceRe currently has a consensus rating of "Hold" and an average price target of $282.09.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.