First Citizens Bank & Trust Co. Sells 2,554 Shares of RenaissanceRe Holdings Ltd. $RNR

First Citizens Bank & Trust Co. lowered its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 52.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,340 shares of the insurance provider’s stock after selling 2,554 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in RenaissanceRe were worth $745,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Elevation Wealth Partners LLC grew its position in RenaissanceRe by 90.0% during the 3rd quarter. Elevation Wealth Partners LLC now owns 95 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 45 shares during the last quarter. Continuum Advisory LLC acquired a new stake in shares of RenaissanceRe in the second quarter worth $38,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of RenaissanceRe in the second quarter worth $42,000. Versant Capital Management Inc increased its stake in shares of RenaissanceRe by 155.3% in the third quarter. Versant Capital Management Inc now owns 194 shares of the insurance provider’s stock worth $62,000 after acquiring an additional 118 shares during the period. Finally, IFP Advisors Inc raised its holdings in shares of RenaissanceRe by 29.4% during the second quarter. IFP Advisors Inc now owns 211 shares of the insurance provider’s stock worth $67,000 after purchasing an additional 48 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

RNR has been the subject of a number of research reports. UBS Group set a $349.00 target price on shares of RenaissanceRe and gave the company a “neutral” rating in a research report on Monday, July 27th. Royal Bank Of Canada began coverage on shares of RenaissanceRe in a report on Tuesday, September 22nd. They issued a “sector perform” rating and a $365.00 price target on the stock. Barclays increased their price target on RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Weiss Ratings raised RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Finally, Jefferies Financial Group upgraded RenaissanceRe from a “hold” rating to a “market outperform” rating in a research note on Tuesday, September 22nd. Six investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $337.50.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the sale, the executive vice president directly owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This represents a 6.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.30% of the company’s stock.

RenaissanceRe Price Performance

NYSE:RNR opened at $350.62 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The company has a 50 day moving average price of $327.57 and a 200-day moving average price of $314.04. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $351.20. The firm has a market cap of $14.57 billion, a price-to-earnings ratio of 6.02, a price-to-earnings-growth ratio of 0.97 and a beta of 0.12.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The firm had revenue of $2.77 billion for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 45.66 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a $0.41 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio is 2.81%.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a Bermuda-based global provider of reinsurance and insurance solutions. Founded in 1993, the company focuses on managing and underwriting risks that can be difficult to place in traditional insurance markets, with an emphasis on disciplined underwriting and catastrophe risk management.

RenaissanceRe’s business includes property catastrophe reinsurance, which provides coverage for events such as hurricanes, earthquakes and other natural disasters, as well as property, casualty and specialty reinsurance.