Estabrook Capital Management reduced its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,634 shares of the insurance provider’s stock after selling 378 shares during the period. Estabrook Capital Management owned 0.05% of RenaissanceRe Holdings worth $2,869,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of RNR. World Asset Management Inc raised its holdings in shares of RenaissanceRe Holdings by 0.4% during the first quarter. World Asset Management Inc now owns 2,906 shares of the insurance provider’s stock valued at $420,000 after purchasing an additional 13 shares during the last quarter. PNC Financial Services Group Inc. grew its position in RenaissanceRe Holdings by 1.0% during the first quarter. PNC Financial Services Group Inc. now owns 2,019 shares of the insurance provider’s stock valued at $294,000 after buying an additional 19 shares during the period. Stifel Financial Corp grew its position in RenaissanceRe Holdings by 1.0% during the first quarter. Stifel Financial Corp now owns 2,255 shares of the insurance provider’s stock valued at $324,000 after buying an additional 22 shares during the period. Moon Capital Management LLC boosted its position in shares of RenaissanceRe Holdings by 0.3% in the second quarter. Moon Capital Management LLC now owns 17,786 shares of the insurance provider’s stock worth $2,473,000 after purchasing an additional 55 shares during the period. Finally, Neuburgh Advisers LLC boosted its position in shares of RenaissanceRe Holdings by 4.6% in the first quarter. Neuburgh Advisers LLC now owns 1,456 shares of the insurance provider’s stock worth $211,000 after purchasing an additional 64 shares during the period. 91.75% of the stock is owned by institutional investors.
RNR has been the topic of a number of research analyst reports. BidaskClub cut shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Friday, August 25th. J P Morgan Chase & Co cut shares of RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $165.00 to $145.00 in a report on Friday, July 28th. Buckingham Research started coverage on shares of RenaissanceRe Holdings in a report on Monday. They issued a “buy” rating and a $165.00 price target on the stock. ValuEngine raised shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research raised shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating and set a $158.00 price objective for the company in a research report on Friday, July 7th. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the company’s stock. RenaissanceRe Holdings presently has an average rating of “Hold” and an average target price of $145.38.
In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 38,344 shares of the business’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total value of $5,672,227.92. Following the transaction, the chief executive officer now owns 208,150 shares in the company, valued at $30,791,629.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Ross Curtis sold 5,300 shares of the business’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $148.23, for a total value of $785,619.00. Following the completion of the transaction, the senior vice president now owns 98,564 shares in the company, valued at approximately $14,610,141.72. The disclosure for this sale can be found here. 1.80% of the stock is owned by insiders.
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) traded up 0.63% during midday trading on Friday, hitting $135.17. 261,238 shares of the stock were exchanged. The firm has a 50 day moving average of $142.40 and a 200-day moving average of $142.46. The company has a market cap of $5.44 billion, a price-to-earnings ratio of 11.54 and a beta of 0.65. RenaissanceRe Holdings Ltd. has a one year low of $117.24 and a one year high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last announced its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The firm had revenue of $555.75 million for the quarter, compared to the consensus estimate of $540.65 million. During the same quarter in the previous year, the business earned $1.55 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities analysts expect that RenaissanceRe Holdings Ltd. will post $8.69 EPS for the current year.
RenaissanceRe Holdings declared that its board has authorized a stock repurchase program on Wednesday, August 2nd that allows the company to buyback $500.00 million in shares. This buyback authorization allows the insurance provider to reacquire up to 8.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend is Thursday, September 14th. RenaissanceRe Holdings’s dividend payout ratio (DPR) is presently 10.90%.
RenaissanceRe Holdings 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.
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