Fiera Capital Corp Lowers Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Fiera Capital Corp trimmed its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 6.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 26,847 shares of the insurance provider’s stock after selling 1,703 shares during the period. Fiera Capital Corp’s holdings in RenaissanceRe were worth $5,008,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the business. Sumitomo Mitsui Trust Holdings Inc. raised its position in RenaissanceRe by 22.2% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 26,074 shares of the insurance provider’s stock worth $4,863,000 after acquiring an additional 4,743 shares in the last quarter. Brookfield Corp ON increased its holdings in shares of RenaissanceRe by 44.2% in the 1st quarter. Brookfield Corp ON now owns 121,514 shares of the insurance provider’s stock valued at $24,344,000 after purchasing an additional 37,258 shares in the last quarter. Atria Wealth Solutions Inc. acquired a new stake in shares of RenaissanceRe in the first quarter valued at about $261,000. Versor Investments LP purchased a new stake in RenaissanceRe during the second quarter worth about $560,000. Finally, Barclays PLC grew its position in RenaissanceRe by 25.4% during the first quarter. Barclays PLC now owns 7,006 shares of the insurance provider’s stock worth $1,403,000 after buying an additional 1,421 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Down 1.3 %

Shares of NYSE:RNR opened at $208.10 on Wednesday. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $10.65 billion, a P/E ratio of 6.70 and a beta of 0.34. RenaissanceRe Holdings Ltd. has a 52-week low of $174.22 and a 52-week high of $227.16. The stock’s fifty day simple moving average is $207.45 and its 200-day simple moving average is $197.60.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, November 1st. The insurance provider reported $8.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.54 by $1.79. The company had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.86 billion. RenaissanceRe had a net margin of 18.08% and a return on equity of 26.69%. The firm’s quarterly revenue was down 22.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($9.27) EPS. As a group, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 34.29 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.52 annualized dividend and a yield of 0.73%. RenaissanceRe’s payout ratio is currently 4.89%.

Wall Street Analyst Weigh In

RNR has been the subject of a number of research reports. Morgan Stanley lifted their price target on shares of RenaissanceRe from $229.00 to $240.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 11th. Bank of America reduced their price objective on RenaissanceRe from $275.00 to $266.00 and set a “buy” rating for the company in a report on Monday, August 21st. StockNews.com started coverage on RenaissanceRe in a report on Thursday, October 5th. They issued a “hold” rating on the stock. The Goldman Sachs Group initiated coverage on RenaissanceRe in a research report on Friday, September 8th. They issued a “buy” rating and a $242.00 price target for the company. Finally, TheStreet upgraded shares of RenaissanceRe from a “c” rating to a “b-” rating in a research report on Monday, October 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $234.43.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, 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 reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as 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.