Fideuram Intesa Sanpaolo Private Banking S.P.A. Reduces Holdings in RenaissanceRe Holdings Ltd. $RNR

Fideuram Intesa Sanpaolo Private Banking S.P.A. lowered its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 30.5% during the 1st quarter, HoldingsChannel.com reports. The fund owned 8,947 shares of the insurance provider’s stock after selling 3,935 shares during the quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A.’s holdings in RenaissanceRe were worth $2,659,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Lightrock Netherlands B.V. raised its holdings in shares of RenaissanceRe by 4,690.1% in the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after buying an additional 996,266 shares during the last quarter. Orbis Allan Gray Ltd purchased a new stake in shares of RenaissanceRe during the fourth quarter valued at $178,519,000. Norges Bank purchased a new stake in shares of RenaissanceRe during the fourth quarter valued at $168,582,000. Egerton Capital UK LLP acquired a new position in shares of RenaissanceRe in the 4th quarter valued at $137,944,000. Finally, GQG Partners LLC acquired a new position in shares of RenaissanceRe in the 4th quarter valued at $108,780,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on RNR. Cantor Fitzgerald raised RenaissanceRe from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $306.00 to $340.00 in a research report on Thursday, April 9th. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and increased their price objective for the company from $335.00 to $345.00 in a report on Wednesday, June 10th. Keefe, Bruyette & Woods raised their price objective on RenaissanceRe from $323.00 to $327.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 7th. Mizuho set a $325.00 target price on RenaissanceRe in a report on Monday, May 4th. Finally, Weiss Ratings upgraded RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, June 25th. Five research 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, the stock currently has a consensus rating of “Hold” and an average target price of $323.64.

RenaissanceRe Trading Up 0.1%

Shares of RenaissanceRe stock opened at $326.55 on Friday. The stock has a market cap of $13.92 billion, a PE ratio of 5.44, a price-to-earnings-growth ratio of 1.23 and a beta of 0.17. The firm has a fifty day moving average price of $299.80 and a 200 day moving average price of $294.15. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $328.39. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. The company had revenue of $2.19 billion for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. Equities research analysts predict that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, June 15th. RenaissanceRe’s payout ratio is 2.73%.

About RenaissanceRe

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.