RenaissanceRe Holdings Ltd. (RNR) Stake Reduced by Bank of Montreal Can

Bank of Montreal Can cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 16.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,938 shares of the insurance provider’s stock after selling 15,572 shares during the period. Bank of Montreal Can owned about 0.19% of RenaissanceRe Holdings worth $10,976,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in the company. Macquarie Group Ltd. raised its stake in RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock valued at $193,000 after buying an additional 314 shares in the last quarter. Quadrant Capital Group LLC raised its stake in RenaissanceRe Holdings by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 826 shares of the insurance provider’s stock valued at $114,000 after buying an additional 58 shares in the last quarter. Capstone Asset Management Co. raised its stake in 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 in the last quarter. Louisiana State Employees Retirement System raised its stake in RenaissanceRe Holdings by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 10,300 shares of the insurance provider’s stock valued at $1,490,000 after buying an additional 100 shares in the last quarter. Finally, Moon Capital Management LLC raised its stake 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 valued at $2,565,000 after buying an additional 434 shares in the last quarter. Institutional investors and hedge funds own 92.83% of the company’s stock.

RenaissanceRe Holdings Ltd. (NYSE RNR) traded down 0.49% on Friday, hitting $145.54. 210,749 shares of the stock were exchanged. The company has a market cap of $5.86 billion, a PE 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. The company’s 50-day moving average is $144.66 and its 200-day moving average is $143.17.

RenaissanceRe Holdings (NYSE:RNR) last announced 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 firm had revenue of $555.75 million during the quarter, compared to analyst estimates of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the company posted $1.55 EPS. On average, analysts predict that RenaissanceRe Holdings Ltd. will post $8.66 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.28 annualized dividend and a dividend yield of 0.88%. RenaissanceRe Holdings’s dividend payout ratio is 10.90%.

RenaissanceRe Holdings announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 17th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the insurance provider to repurchase up to 99% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

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RNR has been the topic of several recent research reports. Zacks Investment Research lowered shares of RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a research report on Friday, May 5th. ValuEngine upgraded shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub lowered shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $143.00 target price on shares of RenaissanceRe Holdings in a report on Wednesday, June 28th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $144.00 target price (up from $138.00) on shares of RenaissanceRe Holdings in a report on Friday, July 7th. Ten research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. RenaissanceRe Holdings currently has a consensus rating of “Hold” and a consensus 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 completion of the sale, the senior vice president now directly owns 98,564 shares in the company, valued at approximately $14,610,141.72. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Kevin Odonnell sold 38,344 shares of RenaissanceRe Holdings stock in a transaction dated Wednesday, August 2nd. The shares were 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 owns 208,150 shares of the company’s stock, valued at $30,791,629.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,644 shares of company stock valued at $8,462,507. 1.80% of the stock is owned by corporate 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.

Institutional Ownership by Quarter for RenaissanceRe Holdings (NYSE:RNR)

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