Legal & General Group Plc lifted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 8.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 291,126 shares of the insurance provider’s stock after purchasing an additional 22,205 shares during the quarter. Legal & General Group Plc owned about 0.73% of RenaissanceRe worth $39,353,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. M&T Bank Corp grew its holdings in shares of RenaissanceRe by 0.9% in the second quarter. M&T Bank Corp now owns 8,215 shares of the insurance provider’s stock valued at $1,142,000 after purchasing an additional 74 shares during the period. Oppenheimer Asset Management Inc. grew its holdings in shares of RenaissanceRe by 2.7% in the second quarter. Oppenheimer Asset Management Inc. now owns 2,807 shares of the insurance provider’s stock valued at $390,000 after purchasing an additional 75 shares during the period. ETRADE Capital Management LLC grew its holdings in shares of RenaissanceRe by 5.2% in the second quarter. ETRADE Capital Management LLC now owns 1,637 shares of the insurance provider’s stock valued at $228,000 after purchasing an additional 81 shares during the period. Mutual of America Capital Management LLC grew its holdings in shares of RenaissanceRe by 0.8% in the second quarter. Mutual of America Capital Management LLC now owns 32,614 shares of the insurance provider’s stock valued at $4,535,000 after purchasing an additional 263 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in shares of RenaissanceRe by 16.5% in the second quarter. PNC Financial Services Group Inc. now owns 2,352 shares of the insurance provider’s stock valued at $327,000 after purchasing an additional 333 shares during the period. 93.44% of the stock is owned by hedge funds and other institutional investors.
RNR has been the subject of a number of analyst reports. Wells Fargo & Company set a $140.00 price objective on shares of RenaissanceRe and gave the company a “hold” rating in a report on Wednesday, October 4th. Buckingham Research initiated coverage on shares of RenaissanceRe in a report on Monday, September 11th. They issued a “buy” rating and a $165.00 price objective for the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $136.00 target price on shares of RenaissanceRe in a research report on Monday, October 16th. Zacks Investment Research cut shares of RenaissanceRe from a “hold” rating to a “sell” rating in a research report on Tuesday, October 24th. Finally, Citigroup raised shares of RenaissanceRe from a “neutral” rating to a “buy” rating and upped their target price for the company from $151.00 to $157.00 in a research report on Thursday, November 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. RenaissanceRe currently has a consensus rating of “Hold” and an average price target of $148.38.
In other news, SVP Sean G. Brosnan sold 1,391 shares of the stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $135.73, for a total transaction of $188,800.43. Following the sale, the senior vice president now owns 8,405 shares of the company’s stock, valued at $1,140,810.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $135.58, for a total transaction of $677,900.00. Following the sale, the chief executive officer now directly owns 193,447 shares in the company, valued at approximately $26,227,544.26. The disclosure for this sale can be found here. Insiders have sold 16,391 shares of company stock worth $2,199,400 in the last three months. Corporate insiders own 1.80% of the company’s stock.
RenaissanceRe Holdings Ltd. (NYSE RNR) traded down $2.46 during midday trading on Friday, reaching $125.69. 558,300 shares of the company’s stock were exchanged, compared to its average volume of 290,292. RenaissanceRe Holdings Ltd. has a 52 week low of $120.55 and a 52 week high of $152.00. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.66 and a current ratio of 1.66.
RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) EPS for the quarter, missing the Zacks’ consensus estimate of ($12.25) by ($1.56). RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The company had revenue of $483.22 million during the quarter, compared to analyst estimates of $300.46 million. During the same period in the previous year, the company earned $2.09 EPS. The company’s quarterly revenue was up 70.0% compared to the same quarter last year. analysts predict that RenaissanceRe Holdings Ltd. will post -7.02 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.28 dividend on an annualized basis and a yield of 1.02%. RenaissanceRe’s payout ratio is currently -28.01%.
RenaissanceRe announced that its Board of Directors has initiated a stock buyback program on Friday, November 10th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the insurance provider to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
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