Bridgewater Associates LP Lowers Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bridgewater Associates LP lowered its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 53.9% in the third quarter, HoldingsChannel reports. The fund owned 19,889 shares of the insurance provider’s stock after selling 23,291 shares during the quarter. Bridgewater Associates LP’s holdings in RenaissanceRe were worth $5,418,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Impax Asset Management Group plc increased its position in RenaissanceRe by 32.4% during the third quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock worth $461,679,000 after purchasing an additional 415,366 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in RenaissanceRe by 21.3% during the second 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 period. Cooke & Bieler LP boosted its position in RenaissanceRe by 9.2% during the 2nd 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 period. Assetmark Inc. boosted its position in RenaissanceRe by 115.3% during the 3rd quarter. Assetmark Inc. now owns 81,006 shares of the insurance provider’s stock worth $22,066,000 after purchasing an additional 43,384 shares during the period. Finally, Jupiter Asset Management Ltd. increased its holdings in RenaissanceRe by 480.2% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 41,726 shares of the insurance provider’s stock valued at $9,326,000 after purchasing an additional 34,534 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RNR. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Keefe, Bruyette & Woods decreased their price target on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating for the company in a report on Tuesday, November 12th. JPMorgan Chase & Co. lifted their price objective on shares of RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Evercore ISI upped their target price on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. Finally, Barclays started coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $293.00.

Insider Buying and Selling

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the transaction, the executive vice president now owns 82,044 shares in the company, valued at approximately $22,890,276. This represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Stock Up 0.2 %

NYSE:RNR opened at $286.15 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market capitalization of $14.86 billion, a price-to-earnings ratio of 4.12, a price-to-earnings-growth ratio of 1.39 and a beta of 0.39. RenaissanceRe Holdings Ltd. has a one year low of $188.24 and a one year high of $300.00. The stock has a 50-day simple moving average of $270.45 and a 200 day simple moving average of $246.30.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the business earned $8.33 EPS. The business’s quarterly revenue was up 52.1% on a year-over-year basis. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s payout ratio is 2.25%.

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.