TLP Group LLC Has $250,000 Position in RenaissanceRe Holdings Ltd. (RNR)
TLP Group LLC reduced its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 29.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,800 shares of the insurance provider’s stock after selling 734 shares during the quarter. TLP Group LLC’s holdings in RenaissanceRe Holdings were worth $250,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. Citigroup Inc. raised its holdings in shares of RenaissanceRe Holdings by 262.5% during the 2nd quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock valued at $218,000 after buying an additional 1,134 shares during the period. Parametrica Management Ltd purchased a new stake in shares of RenaissanceRe Holdings during the 2nd quarter valued at about $220,000. Pacad Investment Ltd. purchased a new stake in shares of RenaissanceRe Holdings during the 2nd quarter valued at about $222,000. ETRADE Capital Management LLC raised its holdings in shares of RenaissanceRe Holdings by 5.2% during the 2nd quarter. ETRADE Capital Management LLC now owns 1,637 shares of the insurance provider’s stock valued at $228,000 after buying an additional 81 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in shares of RenaissanceRe Holdings during the 1st quarter valued at about $259,000. Institutional investors and hedge funds own 91.70% of the company’s stock.
RenaissanceRe Holdings (NYSE:RNR) last posted its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, topping the 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 during the quarter, compared to analysts’ expectations of $540.65 million. During the same quarter in the previous year, the firm earned $1.55 EPS. The firm’s revenue was up 6.9% compared to the same quarter last year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.28 annualized dividend and a dividend yield of 0.97%. RenaissanceRe Holdings’s dividend payout ratio is presently 10.90%.
RenaissanceRe Holdings declared that its board has approved a stock repurchase plan on Wednesday, August 2nd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 8.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other RenaissanceRe Holdings news, SVP Ross Curtis sold 5,300 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $14,610,141.72. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Kevin Odonnell sold 38,344 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $147.93, for a total value of $5,672,227.92. Following the completion of the transaction, the chief executive officer now directly owns 208,150 shares of the company’s stock, valued at approximately $30,791,629.50. The disclosure for this sale can be found here. 1.80% of the stock is currently owned by insiders.
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Several equities research analysts recently commented on RNR shares. ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. BidaskClub downgraded RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, June 13th. Keefe, Bruyette & Woods restated a “hold” rating and set a $143.00 price objective on shares of RenaissanceRe Holdings in a report on Wednesday, June 28th. Morgan Stanley restated an “equal weight” rating and set a $144.00 price objective (up from $138.00) on shares of RenaissanceRe Holdings in a report on Friday, July 7th. Finally, Zacks Investment Research upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating and set a $158.00 price objective on the stock in a report on Friday, July 7th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have assigned a buy rating to the company. RenaissanceRe Holdings has an average rating of “Hold” and an average target price of $144.48.
RenaissanceRe Holdings 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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