Verition Fund Management LLC Sells 33,104 Shares of RenaissanceRe Holdings Ltd. $RNR

Verition Fund Management LLC decreased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 11.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 267,024 shares of the insurance provider’s stock after selling 33,104 shares during the period. RenaissanceRe comprises 0.3% of Verition Fund Management LLC’s holdings, making the stock its 18th largest holding. Verition Fund Management LLC owned approximately 0.61% of RenaissanceRe worth $75,076,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RNR. Capital World Investors boosted its stake in RenaissanceRe by 0.3% in the third quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider’s stock valued at $672,792,000 after buying an additional 7,839 shares in the last quarter. Boston Partners raised its holdings in RenaissanceRe by 9.9% during the 4th quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock worth $400,150,000 after purchasing an additional 128,245 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in RenaissanceRe by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,033,009 shares of the insurance provider’s stock valued at $290,450,000 after buying an additional 31,599 shares during the period. Lightrock Netherlands B.V. boosted its position in shares of RenaissanceRe by 4,690.1% during the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock valued at $286,083,000 after purchasing an additional 996,266 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of RenaissanceRe by 17.6% during the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after buying an additional 120,063 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $300.49 on Monday. The business’s 50-day moving average price is $299.00 and its 200-day moving average price is $289.56. The firm has a market capitalization of $12.81 billion, a PE ratio of 5.01, a price-to-earnings-growth ratio of 1.13 and a beta of 0.19. RenaissanceRe Holdings Ltd. has a 12 month low of $231.17 and a 12 month high of $318.20. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22.

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

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s payout ratio is presently 2.73%.

Analyst Upgrades and Downgrades

RNR has been the topic of a number of analyst reports. UBS Group upped their target price on shares of RenaissanceRe from $319.00 to $326.00 and gave the stock a “neutral” rating in a report on Monday, May 4th. Weiss Ratings cut shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research note on Thursday. Cantor Fitzgerald raised RenaissanceRe from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $306.00 to $340.00 in a report on Thursday, April 9th. Bank of America dropped their target price on RenaissanceRe to $426.00 and set a “buy” rating on the stock in a research report on Tuesday, April 14th. Finally, Morgan Stanley downgraded shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price target for the company. in a report on Thursday, February 26th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and an average target price of $323.64.

RenaissanceRe 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.