JPMorgan Chase & Co. increased its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 16.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 500,521 shares of the insurance provider’s stock after buying an additional 69,669 shares during the quarter. JPMorgan Chase & Co. owned about 1.25% of RenaissanceRe worth $66,959,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Janney Montgomery Scott LLC lifted its position in shares of RenaissanceRe by 38.9% during the second quarter. Janney Montgomery Scott LLC now owns 4,482 shares of the insurance provider’s stock worth $623,000 after purchasing an additional 1,256 shares during the last quarter. Korea Investment CORP lifted its position in shares of RenaissanceRe by 8.9% during the second quarter. Korea Investment CORP now owns 15,900 shares of the insurance provider’s stock worth $2,211,000 after purchasing an additional 1,300 shares during the last quarter. Pictet Asset Management Ltd. lifted its position in shares of RenaissanceRe by 0.6% during the second quarter. Pictet Asset Management Ltd. now owns 83,300 shares of the insurance provider’s stock worth $11,900,000 after purchasing an additional 500 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its position in shares of RenaissanceRe by 1.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 142,934 shares of the insurance provider’s stock worth $19,875,000 after purchasing an additional 1,670 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of RenaissanceRe by 1.3% during the second quarter. DekaBank Deutsche Girozentrale now owns 27,433 shares of the insurance provider’s stock worth $3,870,000 after purchasing an additional 346 shares during the last quarter. Institutional investors own 93.44% of the company’s stock.

Shares of RenaissanceRe Holdings Ltd. (NYSE RNR) traded down $1.19 during trading on Thursday, hitting $128.15. The stock had a trading volume of 399,400 shares, compared to its average volume of 289,152. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.66 and a current ratio of 1.66. RenaissanceRe Holdings Ltd. has a 1 year low of $120.55 and a 1 year high of $152.00.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($12.25) by ($1.56). RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The company had revenue of $483.22 million during the quarter, compared to analysts’ expectations of $300.46 million. During the same quarter last year, the firm earned $2.09 EPS. RenaissanceRe’s revenue for the quarter was up 70.0% on a year-over-year basis. sell-side analysts predict that RenaissanceRe Holdings Ltd. will post -7.02 earnings per share for the current year.

RenaissanceRe announced that its Board of Directors has authorized a share buyback program on Friday, November 10th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders 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 yield of 1.00%. RenaissanceRe’s dividend payout ratio (DPR) is presently -28.76%.

In other news, SVP Sean G. Brosnan sold 1,391 shares of the business’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $135.73, for a total transaction of $188,800.43. Following the sale, the senior vice president now owns 8,405 shares in the company, valued at $1,140,810.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $134.89, for a total value of $674,450.00. Following the sale, the chief executive officer now owns 197,904 shares in the company, valued at approximately $26,695,270.56. The disclosure for this sale can be found here. Insiders sold 16,391 shares of company stock worth $2,199,400 in the last quarter. 1.80% of the stock is owned by insiders.

Several analysts have recently weighed in on the company. Wells Fargo & Company set a $140.00 target price on RenaissanceRe and gave the stock a “hold” rating in a research report on Wednesday. Zacks Investment Research upgraded RenaissanceRe from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. UBS raised their price target on RenaissanceRe from $135.00 to $144.00 and gave the company a “neutral” rating in a research note on Monday, November 6th. Morgan Stanley cut their price target on RenaissanceRe from $144.00 to $142.00 and set an “equal weight” rating on the stock in a research note on Thursday, November 2nd. Finally, Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and raised their price target for the company from $151.00 to $157.00 in a research note on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $148.38.

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RenaissanceRe 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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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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