Vanguard Group Inc. Cuts Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Vanguard Group trimmed its stake in RenaissanceRe by 1.2% in Q4, selling 55,804 shares and remaining the largest holder with 4,736,491 shares (about 10.27%) valued at roughly $1.332 billion.
• RenaissanceRe reported quarterly EPS of $13.75, beating estimates, but revenue fell 36.8% year-over-year, reflecting mixed fundamentals despite the profit beat.
• Wall Street’s consensus rating is a Hold (four Buys, twelve Holds, one Sell) with a consensus target price of $321.79.

Vanguard Group Inc. lessened its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 1.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,736,491 shares of the insurance provider's stock after selling 55,804 shares during the period. Vanguard Group Inc. owned approximately 10.27% of RenaissanceRe worth $1,331,712,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB increased its position in RenaissanceRe by 20.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 230 shares of the insurance provider's stock valued at $65,000 after purchasing an additional 39 shares during the period. AMG National Trust Bank grew its stake in shares of RenaissanceRe by 0.7% during the third quarter. AMG National Trust Bank now owns 5,787 shares of the insurance provider's stock worth $1,469,000 after acquiring an additional 40 shares during the last quarter. Signaturefd LLC raised its holdings in shares of RenaissanceRe by 8.9% in the fourth quarter. Signaturefd LLC now owns 504 shares of the insurance provider's stock worth $142,000 after buying an additional 41 shares during the last quarter. Miracle Mile Advisors LLC raised its stake in RenaissanceRe by 3.8% in the 3rd quarter. Miracle Mile Advisors LLC now owns 1,257 shares of the insurance provider's stock worth $319,000 after acquiring an additional 46 shares during the last quarter. Finally, Brown Brothers Harriman & Co. raised its stake in shares of RenaissanceRe by 2.6% in the third quarter. Brown Brothers Harriman & Co. now owns 2,006 shares of the insurance provider's stock worth $509,000 after purchasing an additional 51 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Robert Qutub sold 5,000 shares of the business's stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the sale, the executive vice president owned 73,023 shares of the company's stock, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RNR. Morgan Stanley cut shares of RenaissanceRe from an "overweight" rating to an "equal weight" rating and set a $310.00 price objective on the stock. in a research note on Thursday, February 26th. Wells Fargo & Company raised their price objective on RenaissanceRe from $305.00 to $306.00 and gave the stock an "equal weight" rating in a research report on Thursday. Barclays decreased their target price on RenaissanceRe from $341.00 to $328.00 and set an "equal weight" rating on the stock in a research note on Wednesday. TD Cowen raised their price target on shares of RenaissanceRe from $280.00 to $290.00 and gave the company a "hold" rating in a research report on Thursday, February 26th. Finally, Keefe, Bruyette & Woods boosted their price objective on RenaissanceRe from $323.00 to $327.00 and gave the stock a "market perform" rating in a research report on Tuesday, April 7th. Four investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $321.79.

RenaissanceRe Stock Up 1.0%

Shares of NYSE RNR opened at $306.79 on Friday. The firm's 50-day moving average is $301.47 and its two-hundred day moving average is $281.90. The company has a market capitalization of $13.24 billion, a PE ratio of 5.11, a price-to-earnings-growth ratio of 0.72 and a beta of 0.24. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.43. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $318.20.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Tuesday, April 28th. The insurance provider reported $13.75 EPS for the quarter, topping the consensus estimate of $11.07 by $2.68. The firm had revenue of $2.19 billion during the quarter, compared to analysts' expectations of $2.84 billion. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. RenaissanceRe's revenue for the quarter was down 36.8% on a year-over-year basis. During the same period in the previous year, the company earned ($1.49) EPS. Equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 37.85 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. This is a positive change from RenaissanceRe's previous quarterly dividend of $0.40. The ex-dividend date was Friday, March 13th. RenaissanceRe's payout ratio is presently 2.89%.

RenaissanceRe 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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