Daiwa Securities Group Inc. Has $257,000 Stake in RenaissanceRe Holdings Ltd. (RNR)
Daiwa Securities Group Inc. reduced its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 86.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,900 shares of the insurance provider’s stock after selling 12,100 shares during the quarter. Daiwa Securities Group Inc.’s holdings in RenaissanceRe Holdings were worth $257,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. State Board of Administration of Florida Retirement System boosted its position in shares of RenaissanceRe Holdings by 2.6% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 69,320 shares of the insurance provider’s stock worth $9,639,000 after purchasing an additional 1,788 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its holdings in RenaissanceRe Holdings by 16.0% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 12,740 shares of the insurance provider’s stock worth $1,771,000 after acquiring an additional 1,761 shares during the last quarter. ARGA Investment Management LP raised its holdings in RenaissanceRe Holdings by 5.1% in the 2nd quarter. ARGA Investment Management LP now owns 12,380 shares of the insurance provider’s stock worth $1,721,000 after acquiring an additional 600 shares during the last quarter. Great Lakes Advisors LLC raised its holdings in RenaissanceRe Holdings by 22.2% in the 2nd quarter. Great Lakes Advisors LLC now owns 17,029 shares of the insurance provider’s stock worth $2,368,000 after acquiring an additional 3,096 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in RenaissanceRe Holdings by 3.9% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 158,425 shares of the insurance provider’s stock worth $22,029,000 after acquiring an additional 5,975 shares during the last quarter. 92.69% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Kevin Odonnell sold 5,000 shares of the company’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $135.58, for a total value of $677,900.00. Following the completion of the sale, the chief executive officer now directly owns 193,447 shares in the company, valued at approximately $26,227,544.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.80% of the company’s stock.
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RNR has been the subject of a number of recent analyst reports. Wells Fargo & Company set a $140.00 price objective on shares of RenaissanceRe Holdings and gave the stock a “hold” rating in a report on Wednesday, October 4th. initiated coverage on shares of RenaissanceRe Holdings in a report on Monday, September 11th. They issued a “buy” rating and a $165.00 price objective for the company. lowered shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Wednesday, October 4th. restated a “hold” rating and issued a $136.00 price objective on shares of RenaissanceRe Holdings in a report on Monday, October 16th. Finally, lowered shares of RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a report on Friday, October 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $144.38.
Shares of RenaissanceRe Holdings Ltd. (RNR) opened at $138.50 on Wednesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.66. RenaissanceRe Holdings Ltd. has a 12 month low of $120.55 and a 12 month high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last announced its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). The company had revenue of $483.22 million for the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe Holdings had a negative net margin of 7.60% and a negative return on equity of 5.82%. RenaissanceRe Holdings’s quarterly revenue was up 70.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.09 earnings per share. equities research analysts forecast that RenaissanceRe Holdings Ltd. will post -6.8 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.28 annualized dividend and a dividend yield of 0.92%. RenaissanceRe Holdings’s dividend payout ratio (DPR) is -28.01%.
RenaissanceRe Holdings announced that its board has approved a stock repurchase program on Wednesday, August 2nd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the insurance provider to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
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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