TimesSquare Capital Management LLC Sells 176,181 Shares of RenaissanceRe Holdings Ltd. $RNR

TimesSquare Capital Management LLC lowered its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 97.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,851 shares of the insurance provider’s stock after selling 176,181 shares during the period. TimesSquare Capital Management LLC’s holdings in RenaissanceRe were worth $978,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in RNR. Hantz Financial Services Inc. increased its position in shares of RenaissanceRe by 707.1% in the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 99 shares during the period. IFP Advisors Inc grew its stake in RenaissanceRe by 160.0% during the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after buying an additional 72 shares in the last quarter. Financial Consulate Inc. bought a new position in RenaissanceRe in the 3rd quarter valued at about $29,000. Huntington National Bank raised its position in shares of RenaissanceRe by 80.9% in the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after buying an additional 55 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its holdings in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after acquiring an additional 79 shares during the period. 99.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RNR. Mizuho lifted their price objective on shares of RenaissanceRe from $277.00 to $313.00 and gave the company a “neutral” rating in a research note on Friday, February 6th. Barclays boosted their price target on RenaissanceRe from $278.00 to $304.00 and gave the stock an “equal weight” rating in a report on Thursday, January 8th. Evercore raised their price objective on RenaissanceRe from $283.00 to $291.00 and gave the company an “in-line” rating in a research note on Wednesday, February 4th. Keefe, Bruyette & Woods increased their target price on shares of RenaissanceRe from $314.00 to $323.00 and gave the stock a “market perform” rating in a report on Monday, February 9th. Finally, JPMorgan Chase & Co. raised their price target on shares of RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Four equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, RenaissanceRe presently has a consensus rating of “Hold” and a consensus target price of $309.27.

RenaissanceRe Stock Down 3.1%

Shares of NYSE RNR opened at $301.21 on Monday. The company has a 50 day simple moving average of $279.56 and a 200 day simple moving average of $261.33. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $315.88. The firm has a market cap of $13.10 billion, a PE ratio of 5.31, a price-to-earnings-growth ratio of 0.74 and a beta of 0.24.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.59 by $2.75. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The company’s revenue was up 29.6% on a year-over-year basis. During the same period in the prior year, the company posted $8.06 EPS. On average, research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.41 dividend. The ex-dividend date of this dividend is Friday, March 13th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s payout ratio is currently 2.82%.

Insider Activity

In related news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the sale, the executive vice president directly owned 73,023 shares in the company, valued at $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.00% of the stock is owned by company insiders.

About RenaissanceRe

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.