Geode Capital Management LLC Reduces Stock Position in RenaissanceRe Holdings Ltd. $RNR

Geode Capital Management LLC reduced its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2.9% in the second quarter, Holdings Channel.com reports. The fund owned 890,800 shares of the insurance provider’s stock after selling 27,070 shares during the period. Geode Capital Management LLC’s holdings in RenaissanceRe were worth $216,410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Advisors Asset Management Inc. boosted its stake in RenaissanceRe by 10.5% in the 1st quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock worth $106,000 after purchasing an additional 42 shares during the period. Rossby Financial LCC lifted its holdings in shares of RenaissanceRe by 6.2% in the second quarter. Rossby Financial LCC now owns 845 shares of the insurance provider’s stock worth $205,000 after buying an additional 49 shares in the last quarter. Huntington National Bank boosted its position in shares of RenaissanceRe by 80.9% in the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 55 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in shares of RenaissanceRe by 43.1% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider’s stock valued at $45,000 after acquiring an additional 56 shares during the period. Finally, Signaturefd LLC grew its stake in RenaissanceRe by 13.4% during the second quarter. Signaturefd LLC now owns 483 shares of the insurance provider’s stock valued at $117,000 after acquiring an additional 57 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Stock Performance

NYSE RNR opened at $262.85 on Tuesday. The company has a 50-day simple moving average of $253.20 and a two-hundred day simple moving average of $246.60. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $290.78. The firm has a market cap of $12.12 billion, a price-to-earnings ratio of 7.30, a PEG ratio of 2.08 and a beta of 0.25. The company has a quick ratio of 1.36, a current ratio of 1.40 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. The company had revenue of $2.06 billion during the quarter, compared to analyst estimates of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.RenaissanceRe’s revenue for the quarter was down 4.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $10.23 EPS. On average, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, December 15th. RenaissanceRe’s dividend payout ratio is 4.45%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a “market perform” rating in a research note on Monday, July 28th. Cantor Fitzgerald upgraded RenaissanceRe to a “hold” rating in a research report on Wednesday, August 13th. Morgan Stanley lifted their price objective on RenaissanceRe from $280.00 to $290.00 and gave the company an “overweight” rating in a research note on Monday. Wolfe Research assumed coverage on RenaissanceRe in a research note on Monday, September 15th. They issued a “peer perform” rating on the stock. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of RenaissanceRe in a research report on Friday, October 31st. Four analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $284.50.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, 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 reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as 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, binding facilities, and regional U.S.