Federated Hermes Inc. Has $1.01 Million Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Federated Hermes Inc. lessened its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) by 8.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 7,162 shares of the insurance provider’s stock after selling 674 shares during the quarter. Federated Hermes Inc.’s holdings in RenaissanceRe were worth $1,005,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. American Century Companies Inc. increased its holdings in RenaissanceRe by 8.1% during the 1st quarter. American Century Companies Inc. now owns 14,404 shares of the insurance provider’s stock worth $2,283,000 after purchasing an additional 1,083 shares in the last quarter. Bank of Montreal Can increased its holdings in RenaissanceRe by 7.1% during the 1st quarter. Bank of Montreal Can now owns 15,536 shares of the insurance provider’s stock worth $2,461,000 after purchasing an additional 1,025 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in RenaissanceRe by 5.6% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,119 shares of the insurance provider’s stock worth $2,555,000 after purchasing an additional 861 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in RenaissanceRe by 5.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 24,034 shares of the insurance provider’s stock worth $3,914,000 after purchasing an additional 1,163 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in RenaissanceRe by 2.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 679,383 shares of the insurance provider’s stock worth $107,689,000 after purchasing an additional 15,215 shares in the last quarter. Institutional investors and hedge funds own 95.52% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on RNR. BMO Capital Markets began coverage on RenaissanceRe in a report on Thursday, January 19th. They set a “market perform” rating and a $187.00 target price for the company. Morgan Stanley raised their price objective on RenaissanceRe from $150.00 to $195.00 and gave the company an “equal weight” rating in a report on Tuesday, November 22nd. Wells Fargo & Company raised their price objective on RenaissanceRe from $234.00 to $245.00 and gave the company an “overweight” rating in a report on Thursday, February 2nd. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a report on Saturday, February 11th. Finally, TheStreet upgraded RenaissanceRe from a “c+” rating to a “b” rating in a report on Tuesday, January 31st. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $197.25.

RenaissanceRe Trading Down 2.5 %

Shares of RNR stock opened at $189.45 on Tuesday. The firm has a 50 day moving average price of $203.26 and a two-hundred day moving average price of $175.65. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $8.28 billion, a PE ratio of -7.39 and a beta of 0.42. RenaissanceRe Holdings Ltd. has a 12-month low of $124.18 and a 12-month high of $223.80.

RenaissanceRe (NYSE:RNR – Get Rating) last issued its quarterly earnings data on Wednesday, February 1st. The insurance provider reported $7.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.58 by $0.75. The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.33 billion. RenaissanceRe had a negative net margin of 20.97% and a positive return on equity of 7.36%. The business’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period last year, the business posted $4.71 earnings per share. As a group, analysts predict that RenaissanceRe Holdings Ltd. will post 23.38 earnings per share for the current year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 15th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 0.80%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.37. The ex-dividend date is Tuesday, March 14th. RenaissanceRe’s dividend payout ratio (DPR) is -5.93%.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, Director Carol P. Sanders sold 1,515 shares of the business’s stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $211.32, for a total transaction of $320,149.80. Following the sale, the director now owns 5,629 shares of the company’s stock, valued at $1,189,520.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.30% of the stock is currently owned by insiders.

About RenaissanceRe

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RenaissanceRe Holdings Ltd. engages in the provision of reinsurance and insurance services. It operates through the following business segments: Property, Casualty and Specialty, and Other. The Property segment focuses on catastrophe, and other property reinsurance and insurance. The Casualty and Specialty segment deals with casualty and specialty reinsurance, and insurance.