RNC Capital Management LLC Lowers Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

RNC Capital Management LLC lessened its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,579 shares of the insurance provider’s stock after selling 877 shares during the quarter. RNC Capital Management LLC’s holdings in RenaissanceRe were worth $3,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Rockefeller Capital Management L.P. purchased a new position in shares of RenaissanceRe in the 3rd quarter worth about $3,684,000. Fisher Asset Management LLC raised its position in shares of RenaissanceRe by 12.3% in the 3rd quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider’s stock worth $22,003,000 after purchasing an additional 8,844 shares during the last quarter. Geode Capital Management LLC raised its position in shares of RenaissanceRe by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock worth $250,892,000 after purchasing an additional 25,773 shares during the last quarter. Citigroup Inc. raised its position in shares of RenaissanceRe by 367.4% in the 3rd quarter. Citigroup Inc. now owns 30,476 shares of the insurance provider’s stock worth $8,302,000 after purchasing an additional 23,956 shares during the last quarter. Finally, HighTower Advisors LLC increased its holdings in RenaissanceRe by 47.8% in the 3rd quarter. HighTower Advisors LLC now owns 12,224 shares of the insurance provider’s stock worth $3,342,000 after buying an additional 3,954 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the sale, the executive vice president now owns 79,392 shares in the company, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

RNR has been the subject of several research analyst reports. Bank of America lifted their price objective on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Jefferies Financial Group reiterated a “hold” rating and issued a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. Barclays downgraded RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $284.00 to $234.00 in a report on Monday, January 6th. Keefe, Bruyette & Woods reduced their price objective on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a report on Tuesday. Finally, StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $279.90.

RenaissanceRe Stock Up 2.8 %

Shares of RNR opened at $240.59 on Friday. The stock has a market capitalization of $12.50 billion, a price-to-earnings ratio of 6.87, a price-to-earnings-growth ratio of 1.65 and a beta of 0.43. RenaissanceRe Holdings Ltd. has a 1 year low of $208.98 and a 1 year high of $300.00. The business’s 50 day simple moving average is $255.99 and its 200-day simple moving average is $257.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. As a group, equities analysts expect that RenaissanceRe Holdings Ltd. will post 33.43 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.67%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, March 14th. RenaissanceRe’s dividend payout ratio is 4.45%.

About RenaissanceRe

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.