RenaissanceRe Holdings Ltd. $RNR Holdings Decreased by Royce & Associates LP

Royce & Associates LP lessened its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,450 shares of the insurance provider’s stock after selling 6,403 shares during the quarter. Royce & Associates LP owned approximately 0.24% of RenaissanceRe worth $27,539,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of RNR. Hantz Financial Services Inc. raised its stake in shares of RenaissanceRe by 707.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 99 shares in the last quarter. Financial Consulate Inc. bought a new stake in shares of RenaissanceRe during the 3rd quarter worth $29,000. Huntington National Bank increased its stake in shares of RenaissanceRe by 80.9% in the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 55 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of RenaissanceRe by 151.9% during the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after buying an additional 79 shares during the last quarter. Finally, Root Financial Partners LLC acquired a new position in RenaissanceRe during the 3rd quarter valued at $36,000. 99.97% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the executive vice president directly owned 73,023 shares of the company’s stock, valued at $22,326,782.25. This trade represents a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RNR has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price objective on RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 7th. The Goldman Sachs Group reiterated a “sell” rating and issued a $267.00 target price on shares of RenaissanceRe in a research note on Wednesday, January 7th. TD Cowen lifted their price target on RenaissanceRe from $280.00 to $290.00 and gave the company a “hold” rating in a report on Thursday. Keefe, Bruyette & Woods boosted their price objective on shares of RenaissanceRe from $314.00 to $323.00 and gave the stock a “market perform” rating in a research report on Monday, February 9th. Finally, Mizuho boosted their price objective on RenaissanceRe from $277.00 to $313.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. Three research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $310.27.

RenaissanceRe Stock Performance

RNR opened at $302.24 on Monday. The company has a market capitalization of $13.14 billion, a price-to-earnings ratio of 5.33, a P/E/G ratio of 0.74 and a beta of 0.21. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $315.88. The business’s 50-day moving average price is $285.71 and its two-hundred day moving average price is $265.60. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, topping the consensus estimate of $10.59 by $2.75. The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The firm’s revenue was up 29.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $8.06 earnings per share. Equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

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

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.