Global Endowment Management LP Acquires New Stake in RenaissanceRe Holdings Ltd. (RNR)
Global Endowment Management LP acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,140 shares of the insurance provider’s stock, valued at approximately $297,000.
Other institutional investors also recently modified their holdings of the company. Citigroup Inc. lifted its position in RenaissanceRe Holdings by 262.5% during the second quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock valued at $218,000 after purchasing an additional 1,134 shares during the period. Parametrica Management Ltd bought a new position in RenaissanceRe Holdings during the second quarter valued at approximately $220,000. Pacad Investment Ltd. bought a new position in RenaissanceRe Holdings during the second quarter valued at approximately $222,000. ETRADE Capital Management LLC lifted its position in RenaissanceRe Holdings by 5.2% during the second quarter. ETRADE Capital Management LLC now owns 1,637 shares of the insurance provider’s stock valued at $228,000 after purchasing an additional 81 shares during the period. Finally, Quantbot Technologies LP bought a new position in RenaissanceRe Holdings during the first quarter valued at approximately $259,000. Institutional investors own 91.70% of the company’s stock.
In other RenaissanceRe Holdings news, SVP Ross Curtis sold 5,300 shares of RenaissanceRe Holdings stock in a transaction that occurred 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 in the company, valued at approximately $14,610,141.72. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Kevin Odonnell sold 38,344 shares of RenaissanceRe Holdings stock in a transaction that occurred 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 owns 208,150 shares of the company’s stock, valued at $30,791,629.50. The disclosure for this sale can be found here. Insiders own 1.80% of the company’s stock.
A number of research analysts recently weighed in on RNR shares. Zacks Investment Research upgraded shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating and set a $158.00 price objective on the stock in a research report on Friday, July 7th. Buckingham Research started coverage on shares of RenaissanceRe Holdings in a research report on Monday, September 11th. They set a “buy” rating and a $165.00 price objective on the stock. UBS AG restated 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, August 1st. Keefe, Bruyette & Woods restated a “hold” rating and set a $143.00 price objective on shares of RenaissanceRe Holdings in a research report on Thursday, September 21st. Finally, BidaskClub downgraded shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. One investment 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. The stock presently has a consensus rating of “Hold” and a consensus price target of $144.48.
Shares of RenaissanceRe Holdings Ltd. (NYSE RNR) opened at 133.12 on Thursday. The firm’s 50-day moving average is $141.42 and its 200-day moving average is $142.04. RenaissanceRe Holdings Ltd. has a one year low of $117.36 and a one year high of $152.00. The stock has a market capitalization of $5.36 billion, a PE ratio of 11.36 and a beta of 0.65.
RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, beating the consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The business had revenue of $555.75 million during the quarter, compared to analysts’ expectations of $540.65 million. During the same period in the previous year, the business posted $1.55 EPS. The business’s quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts expect that RenaissanceRe Holdings Ltd. will post $8.64 earnings per share for the current fiscal year.
RenaissanceRe Holdings announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 2nd that allows the company to buyback $500.00 million in shares. This buyback authorization allows the insurance provider to purchase up to 8.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 0.96%. The ex-dividend date is Thursday, September 14th. RenaissanceRe Holdings’s payout ratio is 10.90%.
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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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