Neuburgh Advisers LLC boosted its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 24.9% during the second quarter, Holdings Channel.com reports. The fund owned 4,336 shares of the insurance provider’s stock after purchasing an additional 864 shares during the quarter. Neuburgh Advisers LLC’s holdings in RenaissanceRe were worth $772,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Motco acquired a new position in RenaissanceRe during the second quarter worth $25,000. Mitsubishi UFJ Securities Holdings Co. Ltd. purchased a new position in RenaissanceRe during the second quarter valued at $75,000. Advisory Services Network LLC grew its position in shares of RenaissanceRe by 1,340.0% in the second quarter. Advisory Services Network LLC now owns 432 shares of the insurance provider’s stock valued at $77,000 after purchasing an additional 402 shares during the period. Parallel Advisors LLC grew its position in shares of RenaissanceRe by 862.1% in the first quarter. Parallel Advisors LLC now owns 558 shares of the insurance provider’s stock valued at $80,000 after purchasing an additional 500 shares during the period. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in shares of RenaissanceRe during the second quarter worth about $107,000. 95.01% of the stock is owned by institutional investors.
In other RenaissanceRe news, SVP Sean G. Brosnan sold 931 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $183.91, for a total transaction of $171,220.21. Following the transaction, the senior vice president now owns 8,779 shares of the company’s stock, valued at $1,614,545.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Ian D. Branagan sold 3,000 shares of the business’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $180.00, for a total value of $540,000.00. Following the transaction, the senior vice president now directly owns 45,617 shares in the company, valued at approximately $8,211,060. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,306 shares of company stock valued at $5,876,889. Insiders own 1.60% of the company’s stock.
RNR stock traded up $0.55 during mid-day trading on Wednesday, reaching $189.13. The company’s stock had a trading volume of 5,658 shares, compared to its average volume of 268,152. The stock has a market cap of $8.37 billion, a PE ratio of 20.60, a P/E/G ratio of 1.37 and a beta of 0.31. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.26. RenaissanceRe Holdings Ltd. has a fifty-two week low of $118.28 and a fifty-two week high of $193.34. The company’s 50 day moving average is $185.69 and its two-hundred day moving average is $168.19.
RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, July 23rd. The insurance provider reported $4.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.58 by $1.20. The business had revenue of $1.02 billion for the quarter, compared to analyst estimates of $824.40 million. RenaissanceRe had a net margin of 19.47% and a return on equity of 8.87%. The business’s revenue was up 69.2% on a year-over-year basis. During the same period last year, the company posted $5.23 EPS. On average, analysts forecast that RenaissanceRe Holdings Ltd. will post 14.59 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.34 dividend. The ex-dividend date is Thursday, September 12th. This represents a $1.36 annualized dividend and a dividend yield of 0.72%. RenaissanceRe’s dividend payout ratio is presently 14.83%.
RNR has been the subject of several research analyst reports. Wells Fargo & Co upped their price target on shares of RenaissanceRe from $155.00 to $175.00 and gave the stock a “market perform” rating in a research report on Thursday, July 11th. Deutsche Bank cut RenaissanceRe from a “buy” rating to a “hold” rating and set a $186.00 price objective on the stock. in a report on Monday, July 15th. They noted that the move was a valuation call. Barclays reiterated a “sell” rating on shares of RenaissanceRe in a report on Tuesday, July 2nd. Morgan Stanley boosted their price objective on RenaissanceRe from $164.00 to $193.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their target price on RenaissanceRe from $154.00 to $187.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $167.64.
RenaissanceRe Holdings Ltd. provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.
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