Commerce Bank reduced its stake in shares of RenaissanceRe Holdings Ltd. (NYSE: RNR – Get Rating) by 3.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor held 2,392 shares of the insurance provider after selling 87 shares during the quarter. Commerce Bank‘s holdings in RenaissanceRe were worth $379,000 at the end of the last quarter.
A number of other hedge funds and other institutional investors have also recently changed their stock holdings. Southeastern Asset Management Inc. TN increased its stake in RenaissanceRe shares by 16.9% during the fourth quarter. Southeastern Asset Management Inc. TN now owns 1,062,630 shares of the insurance provider worth $179,935,000 after purchasing an additional 153,677 shares last quarter. JPMorgan Chase & Co. increased its position in RenaissanceRe shares by 5.7% during the fourth quarter. JPMorgan Chase & Co. now owns 822,053 shares of the insurance provider worth $139,197,000 after acquiring 44,007 additional shares in the last quarter. Dimensional Fund Advisors LP increased its position in RenaissanceRe shares by 1.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 664,168 shares of the insurance provider worth $112,464,000 after acquiring 9,088 additional shares in the last quarter. ARGA Investment Management LP increased its position in RenaissanceRe shares by 35.1% during the first quarter. ARGA Investment Management LP now owns 590,477 shares of the insurance provider worth $93,597,000 after acquiring an additional 153,417 shares in the last quarter. Finally, SRB Corp increased its position in RenaissanceRe shares by 206.1% during the fourth quarter. SRB Corp now owns 478,529 shares of the insurance provider worth $81,029,000 after acquiring an additional 322,200 shares in the last quarter. Institutional investors and hedge funds own 98.18% of the company’s shares.
RenaissanceRe Trading up 0.7%
Shares of NYSE:RNR opened at $137.29 on Wednesday. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt ratio of 0.23. RenaissanceRe Holdings Ltd. has a 1-year low of $124.18 and a 1-year high of $174.54. The company has a fifty-day moving average price of $142.95 and a 200-day moving average price of $148.21. The stock has a market capitalization of $6.00 billion, a PE ratio of -6.32 and a beta of 0.40.
RenaissanceRe Inc (NYSE:RNR – Get Rating) last released its quarterly results on Monday, July 25. The insurance provider reported earnings per share (EPS) of $5.51 for the quarter, beating consensus analyst estimates of $5.11 by $0.40. RenaissanceRe had a negative net margin of 19.70% and a positive return on equity of 3.88%. The company posted revenue of $1.86 billion in the quarter, compared to $1.73 billion expected by analysts. In the same period a year earlier, the company had earned earnings per share of $5.64. The company’s quarterly revenue increased by 23.2% compared to the same quarter last year. Analysts expect RenaissanceRe Holdings Ltd. has an EPS of 14.65 for the current financial year.
RenaissanceRe Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30. Shareholders of record on Thursday, September 15 will receive a dividend of $0.37 per share. This represents an annualized dividend of $1.48 and a dividend yield of 1.08%. The ex-dividend date is Wednesday, September 14. RenaissanceRe’s payout ratio is -6.81%.
Insider activity at RenaissanceRe
In other RenaissanceRe news, Director Brian Gerald John Gray acquired 7,500 shares of RenaissanceRe in a transaction on Wednesday August 10th. The shares were purchased at an average cost of $130.62 per share, with a total value of $979,650.00. Following the completion of the purchase, the administrator now owns 23,621 shares of the company, valued at $3,085,375.02. The transaction was disclosed in a document filed with the SEC, which can be accessed on the SEC’s website. In related news, director Brian Gerald John Gray acquired 7,500 shares of the company in a transaction that took place on Wednesday, August 10. The shares were acquired at an average cost of $130.62 per share, for a total transaction of $979,650.00. Following the completion of the acquisition, the administrator now directly owns 23,621 shares of the company, valued at approximately $3,085,375.02. The purchase was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, director David C. Bushnell sold 600 shares of RenaissanceRe in a trade on Friday, May 20. The shares were sold at an average price of $148.41, for a total transaction of $89,046.00. Following the completion of the sale, the administrator now owns 19,914 shares of the company, valued at $2,955,436.74. The disclosure of this sale can be found here. 1.70% of the shares are currently held by insiders of the company.
A Wall Street analyst gives his opinion
Several analysts have recently weighed in on RNR stocks. Jefferies Financial Group downgraded RenaissanceRe from a “buy” rating to a “hold” rating and lowered its price target for the company from $173.00 to $162.00 in a Tuesday, July 12 report. Morgan Stanley lowered its price target on RenaissanceRe from $175.00 to $162.00 and set an “equal weight” rating on the stock in a Monday, May 23 report. Three investment analysts gave the stock a hold rating and one gave the stock a buy rating. According to data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $180.67.
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RenaissanceRe Holdings Ltd. offers reinsurance and insurance products in the United States and abroad. The company operates through Property, Casualty and Specialty segments. The Property and Casualty segment writes excess of loss reinsurance and excess of loss retrocession reinsurance to insure insurance and reinsurance companies against natural and man-made disasters, including hurricanes, earthquakes, typhoons and tsunamis, as well as claims resulting from other natural and man-made disasters. -disasters caused by winter storms, frosts, floods, fires, windstorms, tornadoes, explosions and acts of terrorism; and other categories of property products, such as Proportional Reinsurance, Property-by-Risk, Property Reinsurance, Linkage Facilities, and U.S. Regional Reinsurance
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