Lagoda Investment Management L.P. Sells 37,600 Shares of RenaissanceRe Holdings Ltd. (RNR)
Lagoda Investment Management L.P. cut its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 20.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 148,240 shares of the insurance provider’s stock after selling 37,600 shares during the period. RenaissanceRe Holdings accounts for about 7.9% of Lagoda Investment Management L.P.’s holdings, making the stock its 6th biggest position. Lagoda Investment Management L.P. owned approximately 0.37% of RenaissanceRe Holdings worth $20,613,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Citigroup Inc. grew its position in shares of RenaissanceRe Holdings by 262.5% during the second quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock worth $218,000 after acquiring an additional 1,134 shares during the last quarter. Parametrica Management Ltd purchased a new position in shares of RenaissanceRe Holdings during the second quarter worth approximately $220,000. Pacad Investment Ltd. purchased a new position in shares of RenaissanceRe Holdings during the second quarter worth approximately $222,000. ETRADE Capital Management LLC grew its position in shares of RenaissanceRe Holdings by 5.2% during the second quarter. ETRADE Capital Management LLC now owns 1,637 shares of the insurance provider’s stock worth $228,000 after acquiring an additional 81 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of RenaissanceRe Holdings during the first quarter worth approximately $259,000. Institutional investors and hedge funds own 91.70% of the company’s stock.
In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $134.89, for a total transaction of $674,450.00. Following the completion of the transaction, the chief executive officer now owns 197,904 shares in the company, valued at approximately $26,695,270.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Ross Curtis sold 5,300 shares of the business’s stock in a transaction 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 transaction, the senior vice president now owns 98,564 shares of the company’s stock, valued at approximately $14,610,141.72. The disclosure for this sale can be found here. Insiders have sold a total of 48,644 shares of company stock valued at $7,132,297 in the last quarter. 1.80% of the stock is currently owned by insiders.
A number of equities analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Wednesday. Citigroup Inc. lowered their target price on shares of RenaissanceRe Holdings from $148.00 to $146.00 and set a “neutral” rating on the stock in a research report on Monday. UBS AG decreased their price target on RenaissanceRe Holdings from $136.00 to $135.00 and set a “neutral” rating for the company in a report on Monday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $143.00 price target on shares of RenaissanceRe Holdings in a report on Thursday, September 21st. Finally, Buckingham Research started coverage on RenaissanceRe Holdings in a report on Monday, September 11th. They set a “buy” rating and a $165.00 price target for the company. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. RenaissanceRe Holdings presently has a consensus rating of “Hold” and a consensus target price of $143.28.
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) traded up 0.22% during midday trading on Thursday, hitting $138.12. The company had a trading volume of 236,186 shares. RenaissanceRe Holdings Ltd. has a 12 month low of $117.36 and a 12 month high of $152.00. The company has a market cap of $5.56 billion, a price-to-earnings ratio of 11.79 and a beta of 0.65. The stock’s 50-day moving average price is $136.94 and its 200-day moving average price is $140.93.
RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, topping 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 company had revenue of $555.75 million during the quarter, compared to analyst estimates of $540.65 million. During the same quarter in the previous year, the firm posted $1.55 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. On average, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post $2.52 EPS for the current year.
RenaissanceRe Holdings declared that its Board of Directors has initiated a share buyback program on Wednesday, August 2nd that allows the company to buyback $500.00 million in shares. This buyback authorization allows the insurance provider to buy up to 8.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a yield of 0.93%. RenaissanceRe Holdings’s dividend payout ratio (DPR) is presently 10.90%.
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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