RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by Teachers Advisors LLC
Teachers Advisors LLC reduced its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 185,486 shares of the insurance provider’s stock after selling 283 shares during the period. Teachers Advisors LLC owned 0.45% of RenaissanceRe Holdings worth $26,831,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in RNR. Quadrant Capital Group LLC raised its stake in RenaissanceRe Holdings by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 826 shares of the insurance provider’s stock worth $114,000 after buying an additional 58 shares during the last quarter. Macquarie Group Ltd. raised its position in shares of RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock valued at $193,000 after buying an additional 314 shares in the last quarter. Neuburgh Advisers LLC raised its position 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 in the last quarter. Engineers Gate Manager LP purchased a new position in shares of RenaissanceRe Holdings during the first quarter valued at approximately $231,000. Finally, Ladenburg Thalmann Financial Services Inc. raised its position in shares of RenaissanceRe Holdings by 39.9% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,791 shares of the insurance provider’s stock valued at $244,000 after buying an additional 511 shares in the last quarter. Institutional investors and hedge funds own 92.56% of the company’s stock.
Shares of RenaissanceRe Holdings Ltd. (RNR) traded down 0.24% on Friday, reaching $147.87. The company had a trading volume of 80,888 shares. The firm has a market capitalization of $5.95 billion, a P/E ratio of 12.62 and a beta of 0.65. RenaissanceRe Holdings Ltd. has a 52 week low of $116.10 and a 52 week high of $152.00. The company’s 50-day moving average price is $141.99 and its 200 day moving average price is $142.29.
RenaissanceRe Holdings (NYSE:RNR) last posted its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.33 by $0.46. The company had revenue of $555.75 million for the quarter, compared to analysts’ expectations of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.55 earnings per share. On average, analysts expect that RenaissanceRe Holdings Ltd. will post $8.66 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders 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 dividend yield of 0.87%. RenaissanceRe Holdings’s dividend payout ratio is currently 10.90%.
RenaissanceRe Holdings announced that its Board of Directors has initiated a share buyback program on Wednesday, May 17th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the insurance provider to repurchase up to 99% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
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Several equities analysts have recently commented on the company. BidaskClub upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research note on Thursday. Citigroup Inc. raised their price objective on RenaissanceRe Holdings from $150.00 to $157.00 and gave the company a “neutral” rating in a research report on Friday, April 7th. UBS AG reaffirmed a “neutral” rating and set a $145.00 price objective (up previously from $139.00) on shares of RenaissanceRe Holdings in a research report on Tuesday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $143.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, June 28th. Finally, Zacks Investment Research downgraded RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. RenaissanceRe Holdings has an average rating of “Hold” and a consensus target price of $143.20.
In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 38,344 shares of the business’s stock in a transaction on Wednesday, August 2nd. The shares were sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the sale, the chief executive officer now directly owns 208,150 shares of the company’s stock, valued at approximately $30,791,629.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Ross Curtis sold 5,300 shares of the company’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total transaction of $785,619.00. Following the completion of the transaction, the senior vice president now directly owns 98,564 shares in the company, valued at $14,610,141.72. The disclosure for this sale can be found here. Insiders sold 57,644 shares of company stock worth $8,462,507 in the last ninety days. 1.80% of the stock is owned by corporate insiders.
About RenaissanceRe Holdings
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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