Insider Selling: RenaissanceRe (NYSE:RNR) EVP Sells $1,665,150.00 in Stock

RenaissanceRe Holdings Ltd. (NYSE:RNR) EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the sale, the executive vice president owned 72,907 shares of the company’s stock, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

RenaissanceRe Price Performance

NYSE RNR opened at $318.26 on Friday. The company has a 50-day moving average price of $307.31 and a 200-day moving average price of $300.10. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $335.97. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $13.22 billion, a P/E ratio of 5.46, a PEG ratio of 1.23 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $11.72 by $1.20. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same period in the previous year, the business posted $12.29 earnings per share. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.68 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s payout ratio is presently 2.81%.

Institutional Investors Weigh In On RenaissanceRe

A number of institutional investors have recently bought and sold shares of the business. Robeco Institutional Asset Management B.V. boosted its stake in shares of RenaissanceRe by 135.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock worth $55,100,000 after acquiring an additional 112,910 shares during the period. Belpointe Asset Management LLC raised its stake in RenaissanceRe by 595.0% during the 4th quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider’s stock valued at $1,729,000 after purchasing an additional 5,266 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in RenaissanceRe by 68.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,171 shares of the insurance provider’s stock valued at $3,855,000 after purchasing an additional 5,782 shares during the period. M&T Bank Corp lifted its holdings in RenaissanceRe by 8,296.5% in the 4th quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock worth $81,635,000 after purchasing an additional 286,894 shares in the last quarter. Finally, Horizon Investments LLC lifted its holdings in RenaissanceRe by 247,520.0% in the 4th quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider’s stock worth $6,962,000 after purchasing an additional 24,752 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Analysts Set New Price Targets

RNR has been the topic of several analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. JPMorgan Chase & Co. upped their price target on RenaissanceRe from $329.00 to $360.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Morgan Stanley raised their price objective on RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Monday, July 6th. TD Cowen lifted their price objective on RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a research report on Tuesday, July 7th. Finally, Wolfe Research set a $315.00 price objective on RenaissanceRe in a research note on Tuesday, July 7th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, RenaissanceRe has an average rating of “Hold” and an average target price of $336.33.

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.