RenaissanceRe (NYSE:RNR) EVP Sells $1,665,150.00 in Stock

Key Points

• RenaissanceRe EVP Robert Qutub sold 5,000 shares at an average price of $333.03, totaling $1.665 million. He retains 72,907 shares worth approximately $24.28 million, a 6.42% reduction in ownership.
• RNR shares rose 1.8% to $334.63, near their 52-week high, after the company reported quarterly EPS of $12.92—beating estimates by $1.20—and revenue of $2.77 billion.
• Analysts maintain a consensus “Hold” rating with an average price target of $336.33, while the company continues paying a quarterly dividend of $0.41, yielding approximately 0.5%.

RenaissanceRe Holdings Ltd. (NYSE:RNR - Get Free Report) EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the sale, the executive vice president owned 72,907 shares of the company's stock, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

RenaissanceRe Stock Up 1.8%

Shares of RNR traded up $5.76 during midday trading on Tuesday, reaching $334.63. 469,240 shares of the company were exchanged, compared to its average volume of 370,884. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $335.88. The stock has a 50-day moving average price of $305.71 and a 200-day moving average price of $298.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market cap of $14.27 billion, a price-to-earnings ratio of 5.74, a P/E/G ratio of 1.24 and a beta of 0.17.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $11.72 by $1.20. The business had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.57 billion. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.During the same quarter last year, the firm earned $12.29 earnings per share. Research analysts expect that RenaissanceRe Holdings Ltd. will post 41.08 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.41 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe's dividend payout ratio (DPR) is 2.81%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Wall Street Zen cut shares of RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Mizuho raised their price target on shares of RenaissanceRe from $325.00 to $329.00 and gave the company a "neutral" rating in a report on Thursday, July 9th. UBS Group set a $349.00 price target on shares of RenaissanceRe and gave the stock a "neutral" rating in a research note on Monday. Wolfe Research set a $315.00 price objective on shares of RenaissanceRe in a report on Tuesday, July 7th. Finally, Bank of America upped their price objective on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, RenaissanceRe has an average rating of "Hold" and a consensus target price of $336.33.

Hedge Funds Weigh In On RenaissanceRe

Institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP increased its stake in shares of RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider's stock worth $34,000 after buying an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC raised its holdings in RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock valued at $34,000 after acquiring an additional 94 shares in the last quarter. Kingdom Financial Group LLC. bought a new position in RenaissanceRe during the 4th quarter valued at $36,000. Mcguire Capital Advisors Inc. bought a new position in RenaissanceRe during the 4th quarter valued at $38,000. Finally, SBI Securities Co. Ltd. grew its holdings in RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock worth $41,000 after acquiring an additional 37 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Company 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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