RenaissanceRe Holdings Ltd. (RNR) Shares Bought by Advisor Group Inc.
Advisor Group Inc. boosted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 981.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,698 shares of the insurance provider’s stock after purchasing an additional 3,356 shares during the period. Advisor Group Inc.’s holdings in RenaissanceRe Holdings were worth $514,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of RNR. Citigroup Inc. grew its position in RenaissanceRe Holdings by 262.5% during the 2nd quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock worth $218,000 after purchasing an additional 1,134 shares in the last quarter. Parametrica Management Ltd purchased a new position in RenaissanceRe Holdings during the 2nd quarter worth approximately $220,000. Pacad Investment Ltd. purchased a new position in RenaissanceRe Holdings during the 2nd quarter worth approximately $222,000. ETRADE Capital Management LLC grew its position in RenaissanceRe Holdings by 5.2% during the 2nd quarter. ETRADE Capital Management LLC now owns 1,637 shares of the insurance provider’s stock worth $228,000 after purchasing an additional 81 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in RenaissanceRe Holdings by 1.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,019 shares of the insurance provider’s stock worth $294,000 after purchasing an additional 19 shares in the last quarter. Hedge funds and other institutional investors own 91.70% of the company’s stock.
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at 137.72 on Friday. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 11.75 and a beta of 0.65. The firm’s 50 day moving average is $136.41 and its 200-day moving average is $140.84. RenaissanceRe Holdings Ltd. has a 52 week low of $120.51 and a 52 week high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 company had revenue of $555.75 million during the quarter, compared to the consensus estimate of $540.65 million. During the same quarter in the prior year, the firm earned $1.55 earnings per share. The firm’s revenue was up 6.9% compared to the same quarter last year. Equities research analysts predict that RenaissanceRe Holdings Ltd. will post ($4.66) EPS for the current year.
RenaissanceRe Holdings announced that its Board of Directors has initiated a stock buyback program on Wednesday, August 2nd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the insurance provider to buy up to 8.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend was Thursday, September 14th. RenaissanceRe Holdings’s dividend payout ratio is 10.90%.
In other news, SVP Ross Curtis sold 5,300 shares of the stock in a transaction 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 owns 98,564 shares of the company’s stock, valued at $14,610,141.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin Odonnell sold 5,000 shares of the 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 sale, the chief executive officer now directly owns 197,904 shares of the company’s stock, valued at approximately $26,695,270.56. The disclosure for this sale can be found here. Insiders have sold 48,644 shares of company stock valued at $7,132,297 in the last three months. 1.80% of the stock is owned by insiders.
RNR has been the topic of several research analyst reports. Buckingham Research initiated 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. ValuEngine upgraded shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Morgan Stanley reiterated an “equal weight” rating and set a $144.00 price objective (up from $138.00) on shares of RenaissanceRe Holdings in a research report on Friday, July 7th. Wells Fargo & Company reiterated a “hold” rating and set a $140.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Finally, Zacks Investment Research cut shares of RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. RenaissanceRe Holdings presently has a consensus rating of “Hold” and a consensus price target of $143.28.
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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