State Street Corp Sells 45,558 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• State Street reduced its RenaissanceRe stake by 2.7%, selling 45,558 shares in the second quarter and retaining 1.61 million shares valued at approximately $510.6 million. Institutional investors collectively own 99.97% of the company.
• Analysts maintain a generally cautious outlook, with an average rating of “Hold” and a consensus price target of $338.12. Targets from individual firms range from $315 to $365.
• RenaissanceRe reported quarterly EPS of $12.92 on $2.77 billion in revenue and announced a $0.41 quarterly dividend, equivalent to a 0.5% yield and a 2.81% payout ratio.

State Street Corp reduced its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 2.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,611,141 shares of the insurance provider's stock after selling 45,558 shares during the period. State Street Corp owned approximately 3.88% of RenaissanceRe worth $510,571,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of RNR. Continuum Advisory LLC acquired a new stake in shares of RenaissanceRe during the second quarter worth $38,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in RenaissanceRe in the 2nd quarter worth $42,000. Clearstead Advisors LLC boosted its stake in RenaissanceRe by 134.7% in the 4th quarter. Clearstead Advisors LLC now owns 176 shares of the insurance provider's stock worth $49,000 after purchasing an additional 101 shares during the period. IFP Advisors Inc increased its holdings in RenaissanceRe by 29.4% during the 2nd quarter. IFP Advisors Inc now owns 211 shares of the insurance provider's stock worth $67,000 after purchasing an additional 48 shares in the last quarter. Finally, Allworth Financial LP bought a new position in RenaissanceRe during the 2nd quarter worth about $115,000. Institutional investors own 99.97% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on RNR shares. Wolfe Research set a $315.00 target price on RenaissanceRe in a research report on Tuesday, July 7th. Mizuho upped 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. Royal Bank Of Canada began coverage on shares of RenaissanceRe in a research note on Tuesday. They set a "sector perform" rating and a $365.00 price target for the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $342.00 to $350.00 and gave the stock a "market perform" rating in a research report on Monday, July 27th. Six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, RenaissanceRe presently has an average rating of "Hold" and a consensus target price of $338.12.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $328.36 on Thursday. The business's 50 day moving average price is $325.01 and its two-hundred day moving average price is $309.81. The company has a market cap of $13.64 billion, a PE ratio of 5.64, a price-to-earnings-growth ratio of 1.19 and a beta of 0.17. 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 Holdings Ltd. has a twelve month low of $231.17 and a twelve month high of $340.24.

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

RenaissanceRe Dividend Announcement

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

Insider Activity at RenaissanceRe

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

RenaissanceRe Company Profile

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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