Paloma Partners Management Co acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the first quarter, according to its most recent disclosure with the SEC. The firm acquired 6,349 shares of the insurance provider’s stock, valued at approximately $918,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. World Asset Management Inc boosted its stake in shares of RenaissanceRe Holdings by 0.4% in the first quarter. World Asset Management Inc now owns 2,906 shares of the insurance provider’s stock valued at $420,000 after buying an additional 13 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of RenaissanceRe Holdings by 1.0% in the first quarter. PNC Financial Services Group Inc. now owns 2,019 shares of the insurance provider’s stock valued at $294,000 after buying an additional 19 shares during the last quarter. Stifel Financial Corp boosted its stake in shares of RenaissanceRe Holdings by 1.0% in the first quarter. Stifel Financial Corp now owns 2,255 shares of the insurance provider’s stock valued at $324,000 after buying an additional 22 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of RenaissanceRe Holdings by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 826 shares of the insurance provider’s stock valued at $114,000 after buying an additional 58 shares during the last quarter. Finally, Neuburgh Advisers LLC boosted its stake in shares of RenaissanceRe Holdings by 4.6% in the first quarter. Neuburgh Advisers LLC now owns 1,456 shares of the insurance provider’s stock valued at $211,000 after buying an additional 64 shares during the last quarter. 92.56% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Holdings Ltd. (NYSE RNR) traded down 0.24% during mid-day trading on Friday, hitting $147.87. 80,888 shares of the company were exchanged. RenaissanceRe Holdings Ltd. has a 12-month low of $116.10 and a 12-month high of $152.00. The company’s 50-day moving average is $141.99 and its 200 day moving average is $142.29. The company has a market capitalization of $5.95 billion, a P/E ratio of 12.62 and a beta of 0.65.

RenaissanceRe Holdings (NYSE:RNR) last released its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.33 by $0.46. The business had revenue of $555.75 million for the quarter, compared to analyst estimates of $540.65 million. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. RenaissanceRe Holdings’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.55 earnings per share. Analysts expect that RenaissanceRe Holdings Ltd. will post $8.66 EPS for the current year.

RenaissanceRe Holdings announced that its board has authorized a stock repurchase plan on Wednesday, May 17th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the insurance provider to purchase up to 99% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.32 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.28 annualized dividend and a yield of 0.87%. RenaissanceRe Holdings’s payout ratio is 10.90%.

COPYRIGHT VIOLATION NOTICE: “Paloma Partners Management Co Invests $918,000 in RenaissanceRe Holdings Ltd. (NYSE:RNR)” was published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this story on another site, it was stolen and republished in violation of United States and international copyright and trademark legislation. The legal version of this story can be viewed at https://www.thecerbatgem.com/2017/08/04/paloma-partners-management-co-invests-918000-in-renaissancere-holdings-ltd-nysernr-updated-updated-updated.html.

RNR has been the subject of several recent research reports. Citigroup Inc. upped their target price on shares of RenaissanceRe Holdings from $150.00 to $157.00 and gave the company a “neutral” rating in a research report on Friday, April 7th. Zacks Investment Research cut shares of RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a research report on Friday, May 5th. Wells Fargo & Company reiterated a “hold” rating on shares of RenaissanceRe Holdings in a research report on Sunday, April 16th. BidaskClub cut shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. Finally, ValuEngine upgraded shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Ten equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $143.20.

In other RenaissanceRe Holdings news, SVP Stephen Howard Weinstein sold 14,000 shares of RenaissanceRe Holdings stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $143.19, for a total value of $2,004,660.00. Following the completion of the sale, the senior vice president now directly owns 75,162 shares of the company’s stock, valued at $10,762,446.78. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Ross Curtis sold 5,300 shares of RenaissanceRe Holdings stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $148.23, for a total transaction of $785,619.00. Following the completion of the sale, the senior vice president now directly owns 98,564 shares of the company’s stock, valued at $14,610,141.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,644 shares of company stock worth $8,462,507. 1.80% of the stock is owned by company insiders.

RenaissanceRe Holdings 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.

Institutional Ownership by Quarter for RenaissanceRe Holdings (NYSE:RNR)

Receive News & Stock Ratings for RenaissanceRe Holdings Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RenaissanceRe Holdings Ltd. and related stocks with our FREE daily email newsletter.