Versor Investments LP bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,406 shares of the insurance provider’s stock, valued at approximately $223,000.
A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Southeastern Asset Management Inc. TN increased its position in RenaissanceRe by 16.9% during the fourth quarter. Southeastern Asset Management Inc. TN now owns 1,062,630 shares of the insurance provider’s stock worth $179,935,000 after acquiring an additional 153,677 shares during the period. JPMorgan Chase & Co. increased its position in RenaissanceRe by 5.7% during the fourth quarter. JPMorgan Chase & Co. now owns 822,053 shares of the insurance provider’s stock worth $139,197,000 after acquiring an additional 44,007 shares during the period. Dimensional Fund Advisors LP increased its position in RenaissanceRe by 1.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 664,168 shares of the insurance provider’s stock worth $112,464,000 after acquiring an additional 9,088 shares during the period. SRB Corp increased its position in RenaissanceRe by 206.1% during the fourth quarter. SRB Corp now owns 478,529 shares of the insurance provider’s stock worth $81,029,000 after acquiring an additional 322,200 shares during the period. Finally, Great Lakes Advisors LLC increased its position in RenaissanceRe by 10.9% during the fourth quarter. Great Lakes Advisors LLC now owns 463,807 shares of the insurance provider’s stock worth $78,536,000 after acquiring an additional 45,697 shares during the period. Institutional investors own 98.18% of the company’s stock.
Analyst Ratings Changes
Several brokerages have issued reports on RNR. Morgan Stanley lowered their price target on shares of RenaissanceRe from $175.00 to $162.00 and set an “equal weight” rating on the stock in a report on Monday, May 23rd. Jefferies Financial Group lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating and lowered their price target for the company from $173.00 to $162.00 in a report on Tuesday, July 12th. Finally, Wells Fargo & Company lowered their price target on shares of RenaissanceRe from $185.00 to $169.00 and set a “maintains” rating on the stock in a report on Wednesday, July 27th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $177.75.
RenaissanceRe Stock Down 0.2 %
RenaissanceRe (NYSE:RNR – Get Rating) last posted its earnings results on Monday, July 25th. The insurance provider reported $5.51 earnings per share for the quarter, topping the consensus estimate of $5.11 by $0.40. RenaissanceRe had a negative net margin of 19.70% and a positive return on equity of 3.75%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the firm earned $5.64 EPS. The firm’s quarterly revenue was up 23.2% compared to the same quarter last year. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 14.2 EPS for the current fiscal year.
RenaissanceRe Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend was Tuesday, June 14th. RenaissanceRe’s payout ratio is -6.81%.
Insider Transactions at RenaissanceRe
In other news, Director David C. Bushnell sold 600 shares of the company’s stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $148.41, for a total value of $89,046.00. Following the sale, the director now owns 19,914 shares of the company’s stock, valued at approximately $2,955,436.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.70% of the stock is owned by insiders.
RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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.
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