Wedge Capital Management L L P NC Sells 155 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Wedge Capital Management L L P NC decreased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNRGet Rating) by 7.6% in the 2nd quarter, Holdings Channel reports. The firm owned 1,897 shares of the insurance provider’s stock after selling 155 shares during the quarter. Wedge Capital Management L L P NC’s holdings in RenaissanceRe were worth $297,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of RNR. HighTower Advisors LLC bought a new stake in shares of RenaissanceRe in the 4th quarter valued at $246,000. abrdn plc increased its stake in shares of RenaissanceRe by 1.9% in the 4th quarter. abrdn plc now owns 6,295 shares of the insurance provider’s stock valued at $1,066,000 after acquiring an additional 120 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of RenaissanceRe by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 336,601 shares of the insurance provider’s stock valued at $56,997,000 after acquiring an additional 5,382 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of RenaissanceRe by 85.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 170,355 shares of the insurance provider’s stock valued at $28,846,000 after acquiring an additional 78,530 shares in the last quarter. Finally, LMR Partners LLP acquired a new stake in RenaissanceRe in the 4th quarter valued at $837,000. Institutional investors own 94.94% of the company’s stock.

Insider Buying and Selling

In related news, Director Brian Gerald John Gray purchased 7,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 10th. The shares were bought at an average cost of $130.62 per share, with a total value of $979,650.00. Following the acquisition, the director now owns 23,621 shares of the company’s stock, valued at $3,085,375.02. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on RNR shares. Morgan Stanley reduced their price target on shares of RenaissanceRe from $162.00 to $150.00 and set an “equal weight” rating for the company in a research report on Friday, August 19th. Jefferies Financial Group downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating and cut their price objective for the stock from $173.00 to $162.00 in a report on Tuesday, July 12th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and a consensus target price of $176.67.

RenaissanceRe Price Performance

RNR opened at $139.12 on Thursday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.32 and a quick ratio of 1.32. The company has a market capitalization of $6.08 billion, a price-to-earnings ratio of -6.40 and a beta of 0.38. The firm’s fifty day moving average price is $136.91 and its two-hundred day moving average price is $145.94. RenaissanceRe Holdings Ltd. has a 1 year low of $124.18 and a 1 year high of $174.54.

RenaissanceRe (NYSE:RNRGet Rating) last issued its quarterly earnings results on Monday, July 25th. The insurance provider reported $5.51 earnings per share for the quarter, topping analysts’ consensus estimates of $5.11 by $0.40. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a negative net margin of 19.70% and a positive return on equity of 3.88%. The firm’s quarterly revenue was up 23.2% on a year-over-year basis. During the same period in the previous year, the firm earned $5.64 EPS. As a group, analysts anticipate that RenaissanceRe Holdings Ltd. will post 14.44 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Wednesday, September 14th. RenaissanceRe’s dividend payout ratio (DPR) is currently -6.81%.

About RenaissanceRe

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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.

Further Reading

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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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