RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 2.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 42,905 shares of the insurance provider's stock after selling 1,245 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.08% of RenaissanceRe worth $10,675,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of RNR. Impax Asset Management Group plc boosted its stake in shares of RenaissanceRe by 10.8% in the fourth quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider's stock worth $466,969,000 after buying an additional 182,530 shares during the last quarter. Trexquant Investment LP acquired a new stake in RenaissanceRe during the 4th quarter worth $561,000. Barclays PLC grew its stake in RenaissanceRe by 57.1% during the 3rd quarter. Barclays PLC now owns 22,923 shares of the insurance provider's stock valued at $6,244,000 after acquiring an additional 8,333 shares in the last quarter. Franklin Resources Inc. purchased a new stake in shares of RenaissanceRe in the fourth quarter valued at approximately $1,086,000. Finally, Proficio Capital Partners LLC acquired a new stake in shares of RenaissanceRe in the 4th quarter worth $7,986,000. Institutional investors and hedge funds own 99.97% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on RNR shares. Keefe, Bruyette & Woods upped their price objective on RenaissanceRe from $279.00 to $282.00 and gave the company an "outperform" rating in a report on Tuesday, April 29th. Wells Fargo & Company cut their target price on shares of RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, April 24th. Bank of America decreased their target price on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a report on Wednesday, March 26th. Finally, Morgan Stanley upgraded shares of RenaissanceRe from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $235.00 to $275.00 in a report on Friday, April 25th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $282.60.

RenaissanceRe Stock Performance

NYSE RNR traded up $1.68 on Friday, reaching $251.61. The stock had a trading volume of 277,731 shares, compared to its average volume of 426,785. The stock has a market cap of $12.24 billion, a P/E ratio of 7.18, a price-to-earnings-growth ratio of 2.09 and a beta of 0.34. The business's 50-day moving average price is $239.86 and its 200 day moving average price is $249.87. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.17). RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. The company had revenue of $3.44 billion for the quarter, compared to analysts' expectations of $3.36 billion. During the same period in the prior year, the company earned $12.18 earnings per share. The firm's revenue was up 7.6% on a year-over-year basis. As a group, equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.64%. The ex-dividend date of this dividend is Friday, June 13th. RenaissanceRe's dividend payout ratio is presently 5.10%.

Insider Activity at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value of $82,847.28. Following the completion of the transaction, the chief accounting officer now directly owns 27,154 shares of the company's stock, valued at $6,776,009.16. This trade represents a 1.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.30% of the company's stock.

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.