Accident Compensation Corp Has $5,212,000 Stake in RenaissanceRe Holdings Ltd. (RNR)
Accident Compensation Corp held its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,481 shares of the insurance provider’s stock at the close of the second quarter. RenaissanceRe Holdings makes up approximately 1.4% of Accident Compensation Corp’s portfolio, making the stock its 24th largest position. Accident Compensation Corp owned about 0.09% of RenaissanceRe Holdings worth $5,212,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of RNR. Neuburgh Advisers LLC raised its holdings in shares of RenaissanceRe Holdings by 4.6% during the 1st quarter. Neuburgh Advisers LLC now owns 1,456 shares of the insurance provider’s stock worth $211,000 after buying an additional 64 shares in the last quarter. Parametrica Management Ltd acquired a new position in shares of RenaissanceRe Holdings during the 2nd quarter worth $220,000. Pacad Investment Ltd. acquired a new position in RenaissanceRe Holdings in the 2nd quarter worth about $222,000. Engineers Gate Manager LP acquired a new position in RenaissanceRe Holdings in the 1st quarter worth about $231,000. Finally, Parallel Advisors LLC increased its holdings in RenaissanceRe Holdings by 28.4% in the 1st quarter. Parallel Advisors LLC now owns 1,824 shares of the insurance provider’s stock worth $254,000 after purchasing an additional 403 shares in the last quarter. 91.75% of the stock is owned by institutional investors.
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RenaissanceRe Holdings Ltd. (NYSE RNR) traded up 1.15% during midday trading on Friday, hitting $135.88. The company’s stock had a trading volume of 583,271 shares. The company has a market cap of $5.47 billion, a PE ratio of 11.60 and a beta of 0.65. RenaissanceRe Holdings Ltd. has a 52-week low of $117.24 and a 52-week high of $152.00. The stock has a 50 day moving average of $142.19 and a 200 day moving average of $142.38.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business had revenue of $555.75 million for the quarter, compared to the consensus estimate of $540.65 million. During the same quarter last year, the business posted $1.55 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post $8.69 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a yield of 0.94%. RenaissanceRe Holdings’s payout ratio is 10.90%.
RenaissanceRe Holdings declared that its board has approved a stock buyback program on Wednesday, August 2nd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to buy up to 8.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
In other news, CEO Kevin Odonnell sold 38,344 shares of RenaissanceRe Holdings stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total value of $5,672,227.92. Following the transaction, the chief executive officer now owns 208,150 shares in the company, valued at $30,791,629.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Ross Curtis sold 5,300 shares of RenaissanceRe Holdings stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total value of $785,619.00. Following the completion of the transaction, the senior vice president now owns 98,564 shares in the company, valued at approximately $14,610,141.72. The disclosure for this sale can be found here. Company insiders own 1.80% of the company’s stock.
A number of equities analysts have issued reports on RNR shares. Wells Fargo & Company reaffirmed a “hold” rating and issued a $140.00 target price on shares of RenaissanceRe Holdings in a report on Wednesday, July 26th. Zacks Investment Research cut RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a report on Friday, July 14th. BidaskClub cut RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $144.00 target price (up previously from $138.00) on shares of RenaissanceRe Holdings in a report on Friday, July 7th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $143.00 target price on shares of RenaissanceRe Holdings in a report on Wednesday, June 28th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company. RenaissanceRe Holdings presently has an average rating of “Hold” and a consensus price target of $145.38.
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.
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