NGAM Advisors L.P. decreased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 32.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,993 shares of the insurance provider’s stock after selling 13,095 shares during the period. NGAM Advisors L.P. owned about 0.07% of RenaissanceRe Holdings worth $3,753,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. American International Group Inc. raised its position in RenaissanceRe Holdings by 2.9% in the first quarter. American International Group Inc. now owns 86,937 shares of the insurance provider’s stock worth $12,575,000 after buying an additional 2,429 shares during the period. Moon Capital Management LLC raised its position in RenaissanceRe Holdings by 2.5% in the first quarter. Moon Capital Management LLC now owns 17,731 shares of the insurance provider’s stock worth $2,565,000 after buying an additional 434 shares during the period. First Manhattan Co. acquired a new position in shares of RenaissanceRe Holdings during the first quarter valued at approximately $1,699,000. State of Alaska Department of Revenue raised its position in shares of RenaissanceRe Holdings by 5.2% in the first quarter. State of Alaska Department of Revenue now owns 7,216 shares of the insurance provider’s stock valued at $1,043,000 after buying an additional 355 shares during the period. Finally, Capstone Asset Management Co. raised its position in shares of RenaissanceRe Holdings by 1.4% in the first quarter. Capstone Asset Management Co. now owns 5,992 shares of the insurance provider’s stock valued at $867,000 after buying an additional 80 shares during the period. 92.83% of the stock is currently owned by institutional investors.
Shares of RenaissanceRe Holdings Ltd. (NYSE RNR) traded down 0.49% during midday trading on Friday, reaching $145.54. The company’s stock had a trading volume of 210,749 shares. The firm’s 50 day moving average is $144.66 and its 200 day moving average is $143.17. The firm has a market capitalization of $5.86 billion, a price-to-earnings ratio of 12.42 and a beta of 0.65. RenaissanceRe Holdings Ltd. has a 52 week low of $116.28 and a 52 week high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.46. The company had revenue of $555.75 million for the quarter, compared to analysts’ expectations of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.55 earnings per share. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post $8.66 EPS for the current fiscal year.
RenaissanceRe Holdings announced that its Board of Directors has initiated a share buyback program on Wednesday, May 17th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the insurance provider to purchase up to 99% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.88%. The ex-dividend date of this dividend is Thursday, September 14th. RenaissanceRe Holdings’s dividend payout ratio is presently 10.90%.
Several equities analysts have recently commented on RNR shares. Zacks Investment Research raised RenaissanceRe Holdings from a “sell” rating to a “hold” rating and set a $158.00 price target on the stock in a research note on Friday, July 7th. UBS AG reaffirmed a “neutral” rating and issued a $145.00 price target (up previously from $139.00) on shares of RenaissanceRe Holdings in a research note on Tuesday, August 1st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $144.00 price target (up previously from $138.00) on shares of RenaissanceRe Holdings in a research note on Friday, July 7th. J P Morgan Chase & Co lowered RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $165.00 to $145.00 in a research note on Friday, July 28th. Finally, ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, July 28th. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $143.20.
In other news, SVP Ross Curtis sold 5,300 shares of RenaissanceRe Holdings stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total transaction of $785,619.00. Following the sale, the senior vice president now directly owns 98,564 shares of the company’s stock, valued at $14,610,141.72. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Kevin Odonnell sold 38,344 shares of RenaissanceRe Holdings stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total value of $5,672,227.92. Following the sale, the chief executive officer now directly owns 208,150 shares in the company, valued at $30,791,629.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 57,644 shares of company stock worth $8,462,507. 1.80% of the stock is currently owned by insiders.
RenaissanceRe Holdings Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
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