RenaissanceRe Holdings Ltd. $RNR Shares Sold by Great Lakes Advisors LLC

Great Lakes Advisors LLC cut its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.5% during the fourth quarter, Holdings Channel reports. The firm owned 482,713 shares of the insurance provider’s stock after selling 7,570 shares during the period. RenaissanceRe makes up approximately 1.1% of Great Lakes Advisors LLC’s portfolio, making the stock its 23rd largest position. Great Lakes Advisors LLC’s holdings in RenaissanceRe were worth $135,720,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Sepio Capital LP acquired a new position in shares of RenaissanceRe in the fourth quarter valued at about $2,319,000. Nuveen LLC increased its holdings in shares of RenaissanceRe by 8.9% in the fourth quarter. Nuveen LLC now owns 217,150 shares of the insurance provider’s stock valued at $61,054,000 after purchasing an additional 17,800 shares during the period. Empowered Funds LLC increased its holdings in shares of RenaissanceRe by 3.5% in the fourth quarter. Empowered Funds LLC now owns 46,022 shares of the insurance provider’s stock valued at $12,940,000 after purchasing an additional 1,537 shares during the period. Inceptionr LLC boosted its stake in shares of RenaissanceRe by 144.3% in the fourth quarter. Inceptionr LLC now owns 3,660 shares of the insurance provider’s stock worth $1,029,000 after buying an additional 2,162 shares during the last quarter. Finally, Illinois Municipal Retirement Fund boosted its stake in shares of RenaissanceRe by 17.6% in the fourth quarter. Illinois Municipal Retirement Fund now owns 24,970 shares of the insurance provider’s stock worth $7,021,000 after buying an additional 3,740 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on RNR. Evercore set a $309.00 target price on RenaissanceRe in a research note on Thursday, April 9th. Cantor Fitzgerald upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $306.00 to $340.00 in a research note on Thursday, April 9th. Barclays lowered their target price on RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 29th. Mizuho set a $325.00 target price on RenaissanceRe in a research note on Monday, May 4th. Finally, Weiss Ratings upgraded RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, May 26th. Five research 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $323.64.

RenaissanceRe Stock Up 0.9%

Shares of RNR opened at $298.39 on Friday. The company has a market capitalization of $12.72 billion, a price-to-earnings ratio of 4.97, a PEG ratio of 0.81 and a beta of 0.18. The stock’s 50-day moving average price is $298.91 and its 200-day moving average price is $289.24. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $318.20.

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

RenaissanceRe Announces Dividend

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

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.