RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. reduced its holdings in RenaissanceRe Holdings Ltd. by 4.8% in the first quarter, now owning 22,218 shares valued at $5,332,000.
• RenaissanceRe reported earnings per share of $12.29 for the last quarter, surpassing analysts' estimates by $2.01.
• The company recently announced a quarterly dividend of $0.40, reflecting an annualized dividend yield of 0.65%.

Victory Capital Management Inc. lessened its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 4.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,218 shares of the insurance provider's stock after selling 1,131 shares during the quarter. Victory Capital Management Inc.'s holdings in RenaissanceRe were worth $5,332,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of RNR. Bessemer Group Inc. raised its holdings in shares of RenaissanceRe by 5.8% during the fourth quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider's stock worth $274,000 after purchasing an additional 61 shares during the last quarter. Fifth Third Bancorp grew its position in RenaissanceRe by 1.2% during the 1st quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock worth $1,584,000 after purchasing an additional 79 shares during the period. Seeds Investor LLC raised its stake in shares of RenaissanceRe by 6.3% during the 4th quarter. Seeds Investor LLC now owns 1,385 shares of the insurance provider's stock valued at $344,000 after buying an additional 82 shares during the last quarter. QRG Capital Management Inc. lifted its holdings in shares of RenaissanceRe by 5.7% in the 1st quarter. QRG Capital Management Inc. now owns 1,642 shares of the insurance provider's stock valued at $394,000 after buying an additional 88 shares during the period. Finally, Rehmann Capital Advisory Group lifted its holdings in shares of RenaissanceRe by 10.0% in the 4th quarter. Rehmann Capital Advisory Group now owns 1,027 shares of the insurance provider's stock valued at $243,000 after buying an additional 93 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Wells Fargo & Company reiterated 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. Barclays lifted their price objective on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. JPMorgan Chase & Co. raised shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 target price on the stock in a research note on Tuesday, April 8th. Morgan Stanley cut their price target on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Finally, JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, April 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $287.50.

Insider Transactions at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer directly owned 27,154 shares in the company, valued at approximately $6,776,009.16. This represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company's stock.

RenaissanceRe Trading Up 0.0%

NYSE:RNR traded up $0.04 during trading hours on Wednesday, hitting $244.38. The company had a trading volume of 497,592 shares, compared to its average volume of 503,245. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $300.00. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average of $242.25 and a 200 day moving average of $241.34. The company has a market cap of $11.50 billion, a P/E ratio of 6.24, a P/E/G ratio of 2.57 and a beta of 0.30.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its 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 company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same period in the previous year, the business posted $12.41 EPS. RenaissanceRe's revenue was down 2.4% on a year-over-year basis. Sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.65%. The ex-dividend date was Friday, June 13th. RenaissanceRe's payout ratio is currently 4.09%.

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.