Oakbrook Investments LLC bought a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 3,410 shares of the insurance provider’s stock, valued at approximately $428,000.
A number of other large investors also recently added to or reduced their stakes in RNR. Ameriprise Financial Inc. raised its stake in RenaissanceRe by 3.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 127,336 shares of the insurance provider’s stock valued at $17,705,000 after purchasing an additional 3,809 shares during the last quarter. Amalgamated Bank raised its stake in RenaissanceRe by 20.6% during the 2nd quarter. Amalgamated Bank now owns 8,060 shares of the insurance provider’s stock valued at $1,121,000 after purchasing an additional 1,378 shares during the last quarter. Stevens Capital Management LP acquired a new position in RenaissanceRe during the 2nd quarter valued at $447,000. PNC Financial Services Group Inc. raised its stake in RenaissanceRe by 16.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,352 shares of the insurance provider’s stock valued at $327,000 after purchasing an additional 333 shares during the last quarter. Finally, Thrivent Financial For Lutherans raised its stake in RenaissanceRe by 6.4% during the 2nd quarter. Thrivent Financial For Lutherans now owns 8,200 shares of the insurance provider’s stock valued at $1,140,000 after purchasing an additional 490 shares during the last quarter. Hedge funds and other institutional investors own 92.90% of the company’s stock.
Several research firms recently commented on RNR. UBS Group cut their target price on shares of RenaissanceRe from $136.00 to $135.00 and set a “neutral” rating for the company in a research note on Monday, October 2nd. Citigroup cut their target price on shares of RenaissanceRe from $148.00 to $146.00 and set a “neutral” rating for the company in a research note on Monday, October 2nd. ValuEngine cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. Zacks Investment Research raised shares of RenaissanceRe from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Finally, Wells Fargo & Co reissued a “market perform” rating and issued a $125.00 price target (down previously from $140.00) on shares of RenaissanceRe in a report on Tuesday, January 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $146.50.
RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($12.25) by ($1.56). The business had revenue of $483.22 million during the quarter, compared to the consensus estimate of $300.46 million. RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. The company’s quarterly revenue was up 70.0% compared to the same quarter last year. During the same period last year, the firm earned $2.09 EPS. equities research analysts forecast that RenaissanceRe Holdings Ltd. will post -8.94 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 15th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 1.00%. The ex-dividend date was Thursday, December 14th. RenaissanceRe’s payout ratio is -28.01%.
RenaissanceRe declared that its Board of Directors has initiated a stock buyback program on Friday, November 10th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
In other news, CEO Kevin Odonnell sold 5,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $131.65, for a total value of $658,250.00. Following the sale, the chief executive officer now owns 190,707 shares of the company’s stock, valued at approximately $25,106,576.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Sean G. Brosnan sold 1,391 shares of the company’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $135.73, for a total transaction of $188,800.43. Following the completion of the sale, the senior vice president now directly owns 8,405 shares in the company, valued at approximately $1,140,810.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,391 shares of company stock worth $1,524,950. 1.80% of the stock is owned by insiders.
RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
Want to see what other hedge funds are holding RNR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RenaissanceRe Holdings Ltd. (NYSE:RNR).
Receive News & Ratings for RenaissanceRe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RenaissanceRe and related companies with MarketBeat.com's FREE daily email newsletter.