RenaissanceRe (NYSE:RNR) Shares Gap Down on Insider Selling

RenaissanceRe Holdings Ltd. (NYSE:RNR) gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $279.69, but opened at $272.09. RenaissanceRe shares last traded at $255.08, with a volume of 276,977 shares traded.

Specifically, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the transaction, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Citigroup boosted their target price on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. UBS Group dropped their target price on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday, September 6th. Morgan Stanley cut their price target on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and an average price target of $275.56.

RenaissanceRe Trading Up 3.0 %

The stock has a market capitalization of $13.64 billion, a P/E ratio of 5.78, a P/E/G ratio of 1.71 and a beta of 0.38. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $252.94 and a two-hundred day moving average price of $234.25.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.88 by $1.53. The company had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. On average, analysts expect that RenaissanceRe Holdings Ltd. will post 39.46 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.39 per share. The ex-dividend date was Friday, September 13th. This represents a $1.56 annualized dividend and a yield of 0.60%. RenaissanceRe’s dividend payout ratio is presently 3.45%.

Institutional Trading of RenaissanceRe

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in RenaissanceRe by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock valued at $1,090,875,000 after purchasing an additional 148,173 shares during the period. American International Group Inc. boosted its holdings in shares of RenaissanceRe by 1,829.6% in the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after acquiring an additional 1,321,325 shares during the period. Impax Asset Management Group plc grew its position in shares of RenaissanceRe by 7.7% during the 2nd quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock valued at $286,028,000 after purchasing an additional 91,425 shares in the last quarter. Cooke & Bieler LP increased its position in shares of RenaissanceRe by 9.2% in the second quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after purchasing an additional 86,562 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of RenaissanceRe by 21.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock worth $139,579,000 after buying an additional 109,851 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Company 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.