Daiwa Securities Group Inc. lowered its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 28.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 14,000 shares of the insurance provider’s stock after selling 5,500 shares during the period. Daiwa Securities Group Inc.’s holdings in RenaissanceRe Holdings were worth $1,947,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. American International Group Inc. boosted its position in shares of RenaissanceRe Holdings by 2.9% in the first quarter. American International Group Inc. now owns 86,937 shares of the insurance provider’s stock valued at $12,575,000 after buying an additional 2,429 shares during the last quarter. Moon Capital Management LLC boosted its position in shares of RenaissanceRe Holdings by 2.5% in the first quarter. Moon Capital Management LLC now owns 17,731 shares of the insurance provider’s stock valued at $2,565,000 after buying an additional 434 shares during the last quarter. First Manhattan Co. purchased a new position in shares of RenaissanceRe Holdings during the first quarter valued at $1,699,000. State of Alaska Department of Revenue boosted its position in shares of RenaissanceRe Holdings by 5.2% in the first quarter. State of Alaska Department of Revenue now owns 7,216 shares of the insurance provider’s stock valued at $1,043,000 after buying an additional 355 shares during the last quarter. Finally, Capstone Asset Management Co. boosted its position in shares of RenaissanceRe Holdings by 1.4% in the first quarter. Capstone Asset Management Co. now owns 5,992 shares of the insurance provider’s stock valued at $867,000 after buying an additional 80 shares during the last quarter. 92.83% of the stock is currently owned by hedge funds and other institutional investors.
Shares of RenaissanceRe Holdings Ltd. (NYSE RNR) traded down 0.49% during trading on Friday, reaching $145.54. The company had a trading volume of 210,749 shares. The firm has a 50-day moving average price of $144.66 and a 200-day moving average price of $143.17. RenaissanceRe Holdings Ltd. has a 52-week low of $116.28 and a 52-week high of $152.00. The company has a market capitalization of $5.86 billion, a P/E ratio of 12.42 and a beta of 0.65.
RenaissanceRe Holdings (NYSE:RNR) last announced its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, beating the consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business had revenue of $555.75 million for the quarter, compared to the consensus estimate of $540.65 million. During the same period last year, the business posted $1.55 EPS. The company’s revenue was up 6.9% on a year-over-year basis. On average, analysts predict that RenaissanceRe Holdings Ltd. will post $8.66 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.28 annualized dividend and a yield of 0.88%. RenaissanceRe Holdings’s dividend payout ratio is presently 10.90%.
RenaissanceRe Holdings declared that its Board of Directors has approved a stock repurchase program on Wednesday, May 17th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 99% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
Several analysts recently issued reports on RNR shares. Zacks Investment Research lowered shares of RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a report on Friday, May 5th. J P Morgan Chase & Co lowered shares of RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $165.00 to $145.00 in a report on Friday, July 28th. BidaskClub upgraded shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research note on Thursday, August 3rd. ValuEngine upgraded shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $144.00 price target (up from $138.00) on shares of RenaissanceRe Holdings in a research note on Friday, July 7th. Ten analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $143.20.
In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 38,344 shares of RenaissanceRe Holdings stock in a transaction that occurred on Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the sale, the chief executive officer now directly owns 208,150 shares in the company, valued at approximately $30,791,629.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Stephen Howard Weinstein sold 14,000 shares of RenaissanceRe Holdings stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $143.19, for a total value of $2,004,660.00. Following the sale, the senior vice president now owns 75,162 shares in the company, valued at $10,762,446.78. The disclosure for this sale can be found here. Insiders have sold a total of 57,644 shares of company stock worth $8,462,507 over the last 90 days. 1.80% of the stock is owned by company insiders.
About RenaissanceRe Holdings
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
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