TimesSquare Capital Management LLC Has $978,000 Position in RenaissanceRe Holdings Ltd. $RNR

TimesSquare Capital Management LLC decreased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 97.9% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,851 shares of the insurance provider’s stock after selling 176,181 shares during the quarter. TimesSquare Capital Management LLC’s holdings in RenaissanceRe were worth $978,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Abich Financial Wealth Management LLC acquired a new position in shares of RenaissanceRe during the third quarter valued at about $65,000. Illinois Municipal Retirement Fund boosted its holdings in RenaissanceRe by 37.2% in the third quarter. Illinois Municipal Retirement Fund now owns 21,230 shares of the insurance provider’s stock worth $5,391,000 after acquiring an additional 5,751 shares in the last quarter. Versor Investments LP bought a new stake in RenaissanceRe during the 3rd quarter valued at $218,000. ProShare Advisors LLC raised its holdings in RenaissanceRe by 6.1% during the third quarter. ProShare Advisors LLC now owns 146,898 shares of the insurance provider’s stock worth $37,302,000 after buying an additional 8,464 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. raised its holdings in RenaissanceRe by 5.5% during the third quarter. Oppenheimer Asset Management Inc. now owns 11,506 shares of the insurance provider’s stock worth $2,922,000 after buying an additional 604 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Insider Activity at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the sale, the executive vice president directly owned 73,023 shares in the company, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.00% of the stock is owned by corporate insiders.

RenaissanceRe Price Performance

RNR opened at $301.21 on Monday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $315.88. The firm has a 50-day moving average of $279.56 and a 200 day moving average of $261.33. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a market cap of $13.10 billion, a P/E ratio of 5.31, a PEG ratio of 0.74 and a beta of 0.24.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The firm had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the company earned $8.06 earnings per share. The company’s quarterly revenue was up 29.6% on a year-over-year basis. On average, research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a $0.41 dividend. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Friday, March 13th. RenaissanceRe’s dividend payout ratio (DPR) is 2.82%.

Analyst Ratings Changes

Several research firms have recently commented on RNR. Wells Fargo & Company boosted their target price on shares of RenaissanceRe from $281.00 to $306.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 5th. JPMorgan Chase & Co. increased their price objective on RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 7th. Barclays increased their price target on RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a research report on Thursday, January 8th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $267.00 price objective on shares of RenaissanceRe in a report on Wednesday, January 7th. Finally, Citigroup downgraded shares of RenaissanceRe from a “buy” rating to a “neutral” rating and increased their target price for the company from $298.00 to $328.00 in a report on Monday, February 9th. Four investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $309.27.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.