Franklin Resources Inc. Reduces Position in RenaissanceRe Holdings Ltd. (RNR)

Franklin Resources Inc. cut its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 421,383 shares of the insurance provider’s stock after selling 6,500 shares during the period. Franklin Resources Inc.’s holdings in RenaissanceRe were worth $56,288,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. AMP Capital Investors Ltd raised its stake in shares of RenaissanceRe by 57.1% in the third quarter. AMP Capital Investors Ltd now owns 18,321 shares of the insurance provider’s stock worth $2,439,000 after purchasing an additional 6,657 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of RenaissanceRe by 25.1% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 11,010 shares of the insurance provider’s stock worth $1,471,000 after purchasing an additional 2,210 shares during the last quarter. Meiji Yasuda Life Insurance Co purchased a new position in shares of RenaissanceRe in the third quarter worth $254,000. Panagora Asset Management Inc. raised its stake in shares of RenaissanceRe by 47.3% in the third quarter. Panagora Asset Management Inc. now owns 7,869 shares of the insurance provider’s stock worth $1,051,000 after purchasing an additional 2,528 shares during the last quarter. Finally, PEAK6 Investments LLC purchased a new position in shares of RenaissanceRe in the third quarter worth $312,000. Institutional investors own 96.65% of the company’s stock.

Several research analysts have recently weighed in on the company. Morgan Stanley decreased their price target on RenaissanceRe from $142.00 to $136.00 and set a “hold” rating for the company in a research note on Wednesday, November 14th. Citigroup cut RenaissanceRe from a “buy” rating to a “neutral” rating in a research note on Thursday, November 8th. Zacks Investment Research upgraded RenaissanceRe from a “hold” rating to a “strong-buy” rating and set a $160.00 price target for the company in a research note on Thursday, October 4th. Deutsche Bank upgraded RenaissanceRe from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a research note on Wednesday, November 7th. Finally, Buckingham Research boosted their price target on RenaissanceRe from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 3rd. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $143.00.

RenaissanceRe stock opened at $139.20 on Friday. The firm has a market cap of $5.39 billion, a P/E ratio of -16.67, a PEG ratio of 1.47 and a beta of 0.67. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.67 and a quick ratio of 1.67. RenaissanceRe Holdings Ltd. has a one year low of $116.50 and a one year high of $142.56.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, October 30th. The insurance provider reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.42. The company had revenue of $453.30 million during the quarter, compared to analysts’ expectations of $416.49 million. RenaissanceRe had a return on equity of 10.52% and a net margin of 15.07%. RenaissanceRe’s revenue for the quarter was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($13.81) earnings per share. As a group, research analysts anticipate that RenaissanceRe Holdings Ltd. will post 9.12 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend is Thursday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently -15.81%.

In related news, Director Henry Klehm III sold 810 shares of the company’s stock in a transaction on Wednesday, November 7th. The stock was sold at an average price of $128.00, for a total transaction of $103,680.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

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RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance coverages in the United States and internationally. Its Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, such as earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, including proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.

See Also: Asset Allocation

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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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