RNC Capital Management LLC Sells 205 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

RNC Capital Management LLC cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,054 shares of the insurance provider’s stock after selling 205 shares during the period. RNC Capital Management LLC’s holdings in RenaissanceRe were worth $2,559,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of RNR. BlackRock Inc. boosted its stake in RenaissanceRe by 10.8% in the 2nd quarter. BlackRock Inc. now owns 4,503,190 shares of the insurance provider’s stock worth $839,935,000 after purchasing an additional 440,083 shares in the last quarter. Zimmer Partners LP purchased a new position in RenaissanceRe during the 2nd quarter worth approximately $75,541,000. Balyasny Asset Management L.P. raised its position in RenaissanceRe by 340.4% during the 1st quarter. Balyasny Asset Management L.P. now owns 373,468 shares of the insurance provider’s stock worth $74,821,000 after buying an additional 288,657 shares during the last quarter. Bank of New York Mellon Corp raised its position in RenaissanceRe by 20.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,451,530 shares of the insurance provider’s stock worth $287,287,000 after buying an additional 249,196 shares during the last quarter. Finally, Marshall Wace LLP raised its position in RenaissanceRe by 1,099.8% during the 2nd quarter. Marshall Wace LLP now owns 254,725 shares of the insurance provider’s stock worth $47,511,000 after buying an additional 233,494 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $235.83 on Thursday. The firm has a market cap of $12.43 billion, a PE ratio of 4.60, a PEG ratio of 2.60 and a beta of 0.30. The firm has a fifty day moving average of $225.86 and a 200 day moving average of $213.01. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.40 and a current ratio of 1.40. RenaissanceRe Holdings Ltd. has a one year low of $174.22 and a one year high of $239.42.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, January 30th. The insurance provider reported $11.77 EPS for the quarter, topping the consensus estimate of $8.13 by $3.64. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the previous year, the firm earned $7.33 EPS. The firm’s revenue was up 17.9% compared to the same quarter last year. As a group, research analysts predict that RenaissanceRe Holdings Ltd. will post 34.35 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be issued a dividend of $0.39 per share. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.66%. RenaissanceRe’s dividend payout ratio is presently 3.05%.

Insider Transactions at RenaissanceRe

In other news, Director Carol P. Sanders sold 880 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $227.59, for a total transaction of $200,279.20. Following the completion of the sale, the director now owns 5,363 shares of the company’s stock, valued at $1,220,565.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value of $586,400.00. Following the completion of the sale, the chief financial officer now owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carol P. Sanders sold 880 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $227.59, for a total transaction of $200,279.20. Following the completion of the sale, the director now directly owns 5,363 shares of the company’s stock, valued at approximately $1,220,565.17. The disclosure for this sale can be found here. Insiders sold 5,130 shares of company stock valued at $1,167,479 over the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

RNR has been the subject of a number of recent research reports. UBS Group raised their price target on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a “neutral” rating in a research report on Monday, February 5th. Evercore ISI assumed coverage on shares of RenaissanceRe in a report on Thursday, December 14th. They set an “underperform” rating and a $200.00 target price for the company. TD Cowen assumed coverage on shares of RenaissanceRe in a report on Wednesday, January 10th. They set a “market perform” rating for the company. Finally, BMO Capital Markets lifted their target price on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $240.90.

About RenaissanceRe

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.