RenaissanceRe (NYSE:RNR) EVP Robert Qutub Sells 5,000 Shares of Stock

RenaissanceRe Holdings Ltd. (NYSE:RNR) EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

RenaissanceRe Stock Up 1.8%

Shares of NYSE RNR opened at $334.63 on Wednesday. The stock has a market cap of $13.90 billion, a PE ratio of 5.74, a P/E/G ratio of 1.24 and a beta of 0.17. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $335.88. The company has a 50-day moving average of $306.36 and a 200 day moving average of $299.40.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share for the quarter, topping analysts’ consensus estimates of $11.72 by $1.20. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.57 billion. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. During the same period last year, the company posted $12.29 EPS. As a group, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 41.08 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.41 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s payout ratio is 2.81%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in RenaissanceRe by 39.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after acquiring an additional 2,737 shares in the last quarter. Millennium Management LLC purchased a new stake in RenaissanceRe during the first quarter worth about $15,289,000. Jones Financial Companies Lllp increased its stake in RenaissanceRe by 900.0% during the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock worth $324,000 after purchasing an additional 1,215 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of RenaissanceRe by 72.5% during the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock worth $13,725,000 after purchasing an additional 24,027 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of RenaissanceRe by 18.5% during the second 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 in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. JPMorgan Chase & Co. raised their target price on RenaissanceRe from $329.00 to $360.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. UBS Group set a $349.00 price objective on shares of RenaissanceRe and gave the company a “neutral” rating in a report on Monday. Bank of America raised their price objective on shares of RenaissanceRe from $410.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, July 23rd. Barclays lifted their target price on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. Finally, Weiss Ratings upgraded shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, June 25th. Five investment 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $336.33.

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.