The Manufacturers Life Insurance Company Decreases Stake in RenaissanceRe Holdings Ltd. $RNR

The Manufacturers Life Insurance Company lessened its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 7.3% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,350 shares of the insurance provider’s stock after selling 2,244 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in RenaissanceRe were worth $8,426,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in RenaissanceRe by 39.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after buying an additional 2,737 shares during the period. Millennium Management LLC purchased a new position in shares of RenaissanceRe in the 1st quarter valued at $15,289,000. Jones Financial Companies Lllp lifted its holdings in shares of RenaissanceRe by 900.0% during the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock valued at $324,000 after acquiring an additional 1,215 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of RenaissanceRe by 72.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock valued at $13,725,000 after acquiring an additional 24,027 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in RenaissanceRe by 18.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock worth $107,000 after purchasing an additional 69 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on RNR. Wall Street Zen downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. UBS Group set a $349.00 price objective on RenaissanceRe and gave the stock a “neutral” rating in a research note on Monday, July 27th. Mizuho increased their target price on RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Keefe, Bruyette & Woods boosted their price target on RenaissanceRe from $342.00 to $350.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Finally, JPMorgan Chase & Co. upped their price target on RenaissanceRe from $329.00 to $360.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $336.33.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $322.06 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The company’s fifty day moving average price is $308.86 and its two-hundred day moving average price is $301.11. The firm has a market capitalization of $13.38 billion, a P/E ratio of 5.53, a P/E/G ratio of 1.18 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 12 month low of $231.17 and a 12 month high of $335.97.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share for the quarter, beating the consensus estimate of $11.72 by $1.20. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.57 billion. During the same period last year, the firm earned $12.29 earnings per share. On average, research analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.41 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is currently 2.81%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the sale, the executive vice president owned 72,907 shares in the company, valued at $24,280,218.21. This trade represents a 6.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by company insiders.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.