Vanguard Group Inc. Sells 266,068 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Vanguard Group Inc. lessened its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 4.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,161,688 shares of the insurance provider's stock after selling 266,068 shares during the quarter. Vanguard Group Inc. owned 10.61% of RenaissanceRe worth $1,238,805,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bank of America Corp DE raised its position in RenaissanceRe by 17.9% in 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 purchasing an additional 124,125 shares during the last quarter. Miracle Mile Advisors LLC bought a new position in RenaissanceRe in the 1st quarter valued at $271,000. Trexquant Investment LP acquired a new stake in shares of RenaissanceRe in the 4th quarter valued at $561,000. Yorktown Management & Research Co Inc acquired a new stake in shares of RenaissanceRe in the 1st quarter valued at $348,000. Finally, Deutsche Bank AG increased its stake in shares of RenaissanceRe by 4.2% in the 4th quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider's stock valued at $2,666,000 after buying an additional 431 shares during the period. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Trading Down 0.7%

Shares of RenaissanceRe stock traded down $1.66 during trading on Thursday, reaching $242.41. 168,948 shares of the company were exchanged, compared to its average volume of 485,710. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $300.00. The business has a 50-day moving average price of $241.51 and a 200-day moving average price of $240.35. The firm has a market capitalization of $11.41 billion, a price-to-earnings ratio of 6.19, a P/E/G ratio of 2.40 and a beta of 0.29.

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

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe's payout ratio is presently 4.09%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. UBS Group lifted their target price on RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Barclays lifted their target price on RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. JMP Securities reissued a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Citigroup assumed coverage on RenaissanceRe in a research note on Wednesday. They issued a "buy" rating and a $288.00 target price for the company. Finally, Wells Fargo & Company reissued an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $282.09.

RenaissanceRe Company 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.