Raymond James & Associates cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 44.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 29,119 shares of the insurance provider's stock after selling 23,069 shares during the quarter. Raymond James & Associates owned 0.06% of RenaissanceRe worth $5,707,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Zimmer Partners LP bought a new stake in shares of RenaissanceRe during the 2nd quarter valued at $75,541,000. Balyasny Asset Management L.P. raised its stake in shares of RenaissanceRe by 340.4% in the first quarter. Balyasny Asset Management L.P. now owns 373,468 shares of the insurance provider's stock worth $74,821,000 after buying an additional 288,657 shares during the period. Bank of New York Mellon Corp lifted its position in shares of RenaissanceRe by 20.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,451,530 shares of the insurance provider's stock valued at $287,287,000 after buying an additional 249,196 shares in the last quarter. Norges Bank purchased a new position in shares of RenaissanceRe during the 4th quarter valued at about $40,533,000. Finally, AQR Capital Management LLC increased its holdings in RenaissanceRe by 226.8% in the 3rd quarter. AQR Capital Management LLC now owns 280,666 shares of the insurance provider's stock worth $55,549,000 after acquiring an additional 194,774 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.
RenaissanceRe Price Performance
RNR stock traded up $1.82 during trading on Wednesday, hitting $222.28. 411,029 shares of the company's stock traded hands, compared to its average volume of 367,747. RenaissanceRe Holdings Ltd. has a 52 week low of $174.22 and a 52 week high of $239.42. The stock has a market capitalization of $11.72 billion, a price-to-earnings ratio of 4.30, a P/E/G ratio of 2.48 and a beta of 0.30. The business has a fifty day simple moving average of $229.00 and a 200 day simple moving average of $214.77. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.40 and a current ratio of 1.40.
RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Tuesday, January 30th. The insurance provider reported $11.77 EPS for the quarter, beating analysts' consensus estimates of $8.13 by $3.64. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter last year, the firm earned $7.33 EPS. The firm's revenue for the quarter was up 17.9% compared to the same quarter last year. As a group, research analysts expect that RenaissanceRe Holdings Ltd. will post 34.46 EPS for the current fiscal year.
RenaissanceRe Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.56 annualized dividend and a dividend yield of 0.70%. This is an increase from RenaissanceRe's previous quarterly dividend of $0.38. RenaissanceRe's payout ratio is currently 3.05%.
Insider Activity at RenaissanceRe
In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the business's stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total transaction of $586,400.00. Following the transaction, the chief financial officer now owns 70,424 shares in the company, valued at $16,518,653.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the firm's stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value of $586,400.00. Following the completion of the sale, the chief financial officer now owns 70,424 shares of the company's stock, valued at $16,518,653.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Carol P. Sanders sold 880 shares of the business's stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $227.59, for a total value of $200,279.20. Following the transaction, the director now owns 5,363 shares of the company's stock, valued at approximately $1,220,565.17. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,130 shares of company stock worth $1,167,479. Company insiders own 1.80% of the company's stock.
Wall Street Analyst Weigh In
RNR has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of RenaissanceRe from $204.00 to $237.00 and gave the company a "neutral" rating in a report on Monday. UBS Group raised their price target on RenaissanceRe from $229.00 to $238.00 and gave the company a "neutral" rating in a report on Monday, February 5th. TD Cowen started coverage on RenaissanceRe in a research note on Wednesday, January 10th. They issued a "market perform" rating for the company. BMO Capital Markets upped their price target on RenaissanceRe from $216.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, February 5th. Finally, Evercore ISI started coverage on shares of RenaissanceRe in a research report on Thursday, December 14th. They set an "underperform" rating and a $200.00 price objective on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, RenaissanceRe presently has a consensus rating of "Hold" and a consensus price target of $246.11.
Check Out Our Latest Stock Report on RenaissanceRe
About RenaissanceRe
(
Free Report)
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.
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