Mn Services Vermogensbeheer B.V. boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 505.8% during the second quarter, according to its most recent filing with the SEC. The firm owned 6,640 shares of the insurance provider’s stock after buying an additional 5,544 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in RenaissanceRe Holdings were worth $923,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in RNR. BlackRock Inc. boosted its position in RenaissanceRe Holdings by 4,513.2% in the first quarter. BlackRock Inc. now owns 4,001,408 shares of the insurance provider’s stock valued at $578,804,000 after buying an additional 3,914,669 shares during the last quarter. Vanguard Group Inc. boosted its position in RenaissanceRe Holdings by 5.5% in the first quarter. Vanguard Group Inc. now owns 3,981,921 shares of the insurance provider’s stock valued at $575,984,000 after buying an additional 206,444 shares during the last quarter. Bank of New York Mellon Corp raised its stake in RenaissanceRe Holdings by 20.2% in the first quarter. Bank of New York Mellon Corp now owns 644,447 shares of the insurance provider’s stock valued at $93,219,000 after buying an additional 108,425 shares during the period. JPMorgan Chase & Co. raised its stake in RenaissanceRe Holdings by 213.0% in the first quarter. JPMorgan Chase & Co. now owns 459,902 shares of the insurance provider’s stock valued at $66,524,000 after buying an additional 312,987 shares during the period. Finally, AQR Capital Management LLC raised its stake in RenaissanceRe Holdings by 13.8% in the first quarter. AQR Capital Management LLC now owns 384,427 shares of the insurance provider’s stock valued at $55,607,000 after buying an additional 46,610 shares during the period. 92.83% of the stock is currently owned by hedge funds and other institutional investors.
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at 147.94 on Thursday. The firm has a 50-day moving average of $144.35 and a 200 day moving average of $143.08. RenaissanceRe Holdings Ltd. has a 52 week low of $116.28 and a 52 week high of $152.00. The company has a market cap of $5.96 billion, a P/E ratio of 12.63 and a beta of 0.65.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The company had revenue of $555.75 million for the quarter, compared to the consensus estimate of $540.65 million. During the same period last year, the firm posted $1.55 EPS. RenaissanceRe Holdings’s revenue for the quarter was up 6.9% on a year-over-year basis. Equities analysts expect that RenaissanceRe Holdings Ltd. will post $8.66 EPS for the current fiscal year.
RenaissanceRe Holdings announced that its board has approved a stock buyback program on Wednesday, May 17th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 99% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 0.87%. The ex-dividend date is Thursday, September 14th. RenaissanceRe Holdings’s payout ratio is currently 10.90%.
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Several equities research analysts have recently commented on RNR shares. Zacks Investment Research lowered RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a research note on Friday, May 5th. BidaskClub lowered RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Morgan Stanley reiterated an “equal weight” rating and issued a $144.00 price target (up previously from $138.00) on shares of RenaissanceRe Holdings in a research note on Friday, July 7th. Wells Fargo & Company reiterated a “hold” rating and issued a $140.00 price target on shares of RenaissanceRe Holdings in a research note on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $143.00 price target on shares of RenaissanceRe Holdings in a research note on Wednesday, June 28th. Ten equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. RenaissanceRe Holdings presently has a consensus rating of “Hold” and an average target price of $143.20.
In other news, SVP Stephen Howard Weinstein sold 14,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $143.19, for a total value of $2,004,660.00. Following the completion of the sale, the senior vice president now owns 75,162 shares in the company, valued at approximately $10,762,446.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin Odonnell sold 38,344 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the completion of the sale, the chief executive officer now owns 208,150 shares of the company’s stock, valued at approximately $30,791,629.50. The disclosure for this sale can be found here. Insiders have sold a total of 57,644 shares of company stock worth $8,462,507 over the last three months. 1.80% of the stock is currently owned by insiders.
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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