RenaissanceRe Holdings Ltd. (NYSE:RNR) SVP Ross Curtis sold 5,300 shares of the business’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total value of $785,619.00. Following the transaction, the senior vice president now directly owns 98,564 shares of the company’s stock, valued at $14,610,141.72. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
RenaissanceRe Holdings Ltd. (RNR) opened at 147.94 on Thursday. RenaissanceRe Holdings Ltd. has a 1-year low of $116.28 and a 1-year high of $152.00. The company has a 50-day moving average price of $144.35 and a 200 day moving average price of $143.08. The stock has a market capitalization 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. The business had revenue of $555.75 million during the quarter, compared to the consensus estimate of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business’s revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.55 earnings per share. On average, equities analysts predict that RenaissanceRe Holdings Ltd. will post $8.66 EPS for the current year.
RenaissanceRe Holdings announced that its Board of Directors has approved a stock buyback program on Wednesday, May 17th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the insurance provider to buy up to 99% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.28 annualized dividend and a yield of 0.87%. RenaissanceRe Holdings’s payout ratio is 10.90%.
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A number of large investors have recently made changes to their positions in RNR. Quadrant Capital Group LLC boosted its stake in shares of RenaissanceRe Holdings by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 826 shares of the insurance provider’s stock valued at $114,000 after buying an additional 58 shares during the last quarter. Americafirst Capital Management LLC purchased a new stake in shares of RenaissanceRe Holdings during the second quarter valued at approximately $161,000. Macquarie Group Ltd. boosted its stake in shares of RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock valued at $193,000 after buying an additional 314 shares during the last quarter. Neuburgh Advisers LLC boosted its stake 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 valued at $211,000 after buying an additional 64 shares during the last quarter. Finally, Nomura Holdings Inc. purchased a new stake in shares of RenaissanceRe Holdings during the second quarter valued at approximately $212,000. 92.83% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently issued reports on RNR. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $143.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, June 28th. BidaskClub cut RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Tuesday, June 13th. Zacks Investment Research cut RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. UBS AG reaffirmed a “neutral” rating and set a $145.00 price objective (up from $139.00) on shares of RenaissanceRe Holdings in a research report on Tuesday, August 1st. Finally, Wells Fargo & Company reissued a “hold” rating and issued a $140.00 target price on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Ten equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. RenaissanceRe Holdings presently has a consensus rating of “Hold” and a consensus target price of $143.20.
About RenaissanceRe Holdings
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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