Cooke & Bieler LP Has $131,551,000 Stake in RenaissanceRe Holdings Ltd. (RNR)
Cooke & Bieler LP boosted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 15.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,120,151 shares of the company’s stock after buying an additional 149,369 shares during the period. RenaissanceRe Holdings makes up 2.9% of Cooke & Bieler LP’s holdings, making the stock its largest position. Cooke & Bieler LP owned 2.72% of RenaissanceRe Holdings worth $131,551,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of RNR. First Citizens Bank & Trust Co. raised its position in shares of RenaissanceRe Holdings by 42.2% in the second quarter. First Citizens Bank & Trust Co. now owns 5,075 shares of the company’s stock worth $596,000 after buying an additional 1,506 shares during the period. Candriam Luxembourg S.C.A. raised its position in shares of RenaissanceRe Holdings by 8.6% in the second quarter. Candriam Luxembourg S.C.A. now owns 5,539 shares of the company’s stock worth $651,000 after buying an additional 440 shares during the period. Seven Bridges Advisors LLC raised its position in shares of RenaissanceRe Holdings by 6.4% in the second quarter. Seven Bridges Advisors LLC now owns 9,261 shares of the company’s stock worth $1,088,000 after buying an additional 558 shares during the period. Bank of Montreal Can bought a new position in shares of RenaissanceRe Holdings during the second quarter worth approximately $12,483,000. Finally, LS Investment Advisors LLC raised its position in shares of RenaissanceRe Holdings by 26.2% in the second quarter. LS Investment Advisors LLC now owns 7,367 shares of the company’s stock worth $865,000 after buying an additional 1,528 shares during the period. 94.74% of the stock is currently owned by institutional investors.
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) traded down 0.26% during midday trading on Monday, reaching $123.46. 241,966 shares of the company’s stock traded hands. The stock has a market capitalization of $5.09 billion, a P/E ratio of 12.52 and a beta of 0.49. The firm’s 50-day moving average price is $120.24 and its 200 day moving average price is $116.74. RenaissanceRe Holdings Ltd. has a 1-year low of $107.27 and a 1-year high of $124.44.
RenaissanceRe Holdings (NYSE:RNR) last posted its earnings results on Tuesday, July 26th. The company reported $1.55 earnings per share for the quarter, missing the consensus estimate of $1.92 by $0.37. The firm earned $483.30 million during the quarter, compared to analyst estimates of $410.83 million. RenaissanceRe Holdings had a net margin of 27.26% and a return on equity of 9.41%. The business’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.18 earnings per share. On average, equities analysts predict that RenaissanceRe Holdings Ltd. will post $7.44 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were issued a $0.31 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.24 annualized dividend and a yield of 1.00%. RenaissanceRe Holdings’s payout ratio is 12.50%.
A number of brokerages have recently commented on RNR. Citigroup Inc. reaffirmed a “neutral” rating on shares of RenaissanceRe Holdings in a research report on Tuesday, June 21st. Zacks Investment Research lowered shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Tuesday, July 5th. Finally, Keefe, Bruyette & Woods lowered shares of RenaissanceRe Holdings from an “outperform” rating to a “market perform” rating in a research report on Monday, July 11th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. RenaissanceRe Holdings currently has an average rating of “Hold” and an average price target of $119.14.
In other news, COO Jeffrey D. Kelly sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $117.31, for a total value of $1,407,720.00. Following the sale, the chief operating officer now directly owns 70,728 shares of the company’s stock, valued at approximately $8,297,101.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin Odonnell sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $120.28, for a total transaction of $360,840.00. Following the completion of the sale, the chief executive officer now directly owns 270,944 shares in the company, valued at $32,589,144.32. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by company insiders.
RenaissanceRe Holdings Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services. The Company’s core products include property catastrophe reinsurance and specialty reinsurance risks. The Company’s segments include Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s. Catastrophe Reinsurance includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit.
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