RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 13.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 156,526 shares of the insurance provider’s stock after selling 23,402 shares during the quarter. ProShare Advisors LLC owned about 0.31% of RenaissanceRe worth $29,195,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of RNR. Egerton Capital UK LLP raised its stake in RenaissanceRe by 113.0% during the second quarter. Egerton Capital UK LLP now owns 1,327,597 shares of the insurance provider’s stock worth $247,623,000 after purchasing an additional 704,445 shares during the period. Jupiter Asset Management Ltd. raised its position in shares of RenaissanceRe by 5,777.5% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 329,550 shares of the insurance provider’s stock valued at $61,468,000 after buying an additional 323,943 shares during the period. Balyasny Asset Management L.P. lifted its holdings in RenaissanceRe by 340.4% in the first quarter. Balyasny Asset Management L.P. now owns 373,468 shares of the insurance provider’s stock valued at $74,821,000 after acquiring an additional 288,657 shares during the last quarter. Norges Bank purchased a new position in RenaissanceRe in the fourth quarter worth approximately $40,533,000. Finally, Ceredex Value Advisors LLC purchased a new stake in RenaissanceRe in the second quarter valued at $35,714,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

RenaissanceRe Stock Performance

NYSE:RNR opened at $210.37 on Tuesday. The company has a market cap of $10.77 billion, a price-to-earnings ratio of 6.77 and a beta of 0.34. The company has a quick ratio of 1.45, a current ratio of 1.45 and a debt-to-equity ratio of 0.28. RenaissanceRe Holdings Ltd. has a 52 week low of $174.22 and a 52 week high of $227.16. The company has a fifty day simple moving average of $208.33 and a two-hundred day simple moving average of $197.37.

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

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be issued 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 0.72%. RenaissanceRe’s dividend payout ratio (DPR) is 4.89%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on RNR shares. Jefferies Financial Group lowered their price target on RenaissanceRe from $249.00 to $246.00 in a report on Friday, October 6th. StockNews.com started coverage on shares of RenaissanceRe in a research report on Thursday, October 5th. They set a “hold” rating for the company. The Goldman Sachs Group initiated coverage on shares of RenaissanceRe in a research note on Friday, September 8th. They issued a “buy” rating and a $242.00 price target on the stock. Morgan Stanley increased their price objective on shares of RenaissanceRe from $229.00 to $240.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 11th. Finally, Bank of America cut their target price on RenaissanceRe from $275.00 to $266.00 and set a “buy” rating on the stock in a research report on Monday, August 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, RenaissanceRe presently has an average rating of “Moderate Buy” and an average target price 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.