Verition Fund Management LLC Sells 33,104 Shares of RenaissanceRe Holdings Ltd. $RNR

Verition Fund Management LLC cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 11.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 267,024 shares of the insurance provider’s stock after selling 33,104 shares during the quarter. RenaissanceRe makes up about 0.3% of Verition Fund Management LLC’s holdings, making the stock its 18th largest holding. Verition Fund Management LLC’s holdings in RenaissanceRe were worth $75,076,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital World Investors lifted its holdings in RenaissanceRe by 0.3% in the third quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider’s stock valued at $672,792,000 after acquiring an additional 7,839 shares during the period. Boston Partners grew its position in RenaissanceRe by 9.9% during the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock valued at $400,150,000 after buying an additional 128,245 shares during the period. Dimensional Fund Advisors LP raised its position in RenaissanceRe by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,033,009 shares of the insurance provider’s stock worth $290,450,000 after acquiring an additional 31,599 shares during the period. Lightrock Netherlands B.V. increased its stake in shares of RenaissanceRe by 4,690.1% in the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after purchasing an additional 996,266 shares in the last quarter. Finally, Bank of America Corp DE grew its holdings in RenaissanceRe by 17.6% during the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after purchasing an additional 120,063 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

Shares of RNR opened at $300.49 on Monday. RenaissanceRe Holdings Ltd. has a twelve month low of $231.17 and a twelve month high of $318.20. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The company has a market cap of $12.81 billion, a price-to-earnings ratio of 5.01, a price-to-earnings-growth ratio of 1.13 and a beta of 0.19. The company has a 50 day moving average of $299.00 and a two-hundred day moving average of $289.56.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The business had revenue of $2.19 billion during the quarter. As a group, analysts predict that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Monday, June 15th. RenaissanceRe’s payout ratio is currently 2.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RNR shares. Wells Fargo & Company increased their target price on shares of RenaissanceRe from $305.00 to $306.00 and gave the stock an “equal weight” rating in a report on Thursday, April 30th. Wall Street Zen lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Saturday, May 2nd. Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and raised their price objective for the company from $335.00 to $345.00 in a research report on Wednesday. Morgan Stanley cut shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 target price on the stock. in a research note on Thursday, February 26th. Finally, Weiss Ratings downgraded shares of RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a report on Thursday. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $323.64.

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.