RenaissanceRe Holdings Ltd. (RNR) Stake Raised by Robeco Institutional Asset Management B.V.
Robeco Institutional Asset Management B.V. lifted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 416.0% in the 1st quarter, Holdings Channel reports. The firm owned 7,059 shares of the insurance provider’s stock after purchasing an additional 5,691 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in RenaissanceRe were worth $1,014,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in RNR. Boston Partners lifted its position in shares of RenaissanceRe by 144.6% during the 4th quarter. Boston Partners now owns 1,340,903 shares of the insurance provider’s stock worth $179,279,000 after purchasing an additional 792,675 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its position in RenaissanceRe by 396.7% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 430,614 shares of the insurance provider’s stock valued at $57,573,000 after acquiring an additional 343,925 shares during the last quarter. Norges Bank purchased a new stake in RenaissanceRe in the fourth quarter valued at $40,462,000. BlackRock Inc. lifted its position in RenaissanceRe by 4.1% in the fourth quarter. BlackRock Inc. now owns 4,898,599 shares of the insurance provider’s stock valued at $654,941,000 after acquiring an additional 193,506 shares during the last quarter. Finally, Philadelphia Financial Management of San Francisco LLC purchased a new stake in RenaissanceRe in the fourth quarter valued at $12,969,000. 94.65% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Sean G. Brosnan sold 1,250 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $145.97, for a total value of $182,462.50. Following the completion of the sale, the senior vice president now directly owns 10,960 shares of the company’s stock, valued at $1,599,831.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Ian D. Branagan sold 2,000 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $170.00, for a total transaction of $340,000.00. Following the completion of the sale, the senior vice president now directly owns 48,617 shares of the company’s stock, valued at $8,264,890. The disclosure for this sale can be found here. Insiders sold 22,250 shares of company stock valued at $3,458,463 over the last ninety days. Corporate insiders own 1.60% of the company’s stock.
RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, May 7th. The insurance provider reported $3.60 EPS for the quarter, beating analysts’ consensus estimates of $3.20 by $0.40. RenaissanceRe had a net margin of 18.18% and a return on equity of 9.25%. The business had revenue of $929.00 million during the quarter, compared to analysts’ expectations of $738.70 million. During the same period in the prior year, the company earned $1.42 earnings per share. The business’s revenue was up 40.1% compared to the same quarter last year. As a group, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 12.39 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.34 dividend. The ex-dividend date is Thursday, June 13th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.80%. RenaissanceRe’s payout ratio is 14.83%.
A number of equities research analysts recently weighed in on RNR shares. Barclays boosted their price target on shares of RenaissanceRe from $125.00 to $130.00 and gave the company an “underweight” rating in a research report on Monday, April 1st. TheStreet raised shares of RenaissanceRe from a “c+” rating to a “b” rating in a research report on Thursday, February 7th. Wells Fargo & Co reissued a “hold” rating and issued a $125.00 price target on shares of RenaissanceRe in a research report on Tuesday, January 29th. UBS Group boosted their price target on shares of RenaissanceRe from $144.00 to $153.00 and gave the company a “neutral” rating in a research report on Tuesday, April 9th. Finally, Deutsche Bank boosted their price target on shares of RenaissanceRe from $167.00 to $180.00 and gave the company a “buy” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $149.09.
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RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.
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