Prudential Financial Inc. lifted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 14.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 28,545 shares of the insurance provider’s stock after buying an additional 3,700 shares during the quarter. Prudential Financial Inc. owned approximately 0.06% of RenaissanceRe worth $5,081,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of RNR. Schroder Investment Management Group boosted its position in shares of RenaissanceRe by 110.8% during the 2nd quarter. Schroder Investment Management Group now owns 15,025 shares of the insurance provider’s stock worth $2,675,000 after acquiring an additional 7,897 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in RenaissanceRe by 11.7% during the 2nd quarter. Allianz Asset Management GmbH now owns 2,005 shares of the insurance provider’s stock valued at $357,000 after buying an additional 210 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in RenaissanceRe during the 2nd quarter valued at $1,586,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in shares of RenaissanceRe by 20.5% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 7,392 shares of the insurance provider’s stock worth $1,316,000 after purchasing an additional 1,258 shares during the last quarter. Finally, 361 Capital LLC acquired a new stake in shares of RenaissanceRe during the second quarter worth $665,000. Hedge funds and other institutional investors own 95.01% of the company’s stock.
NYSE:RNR traded down $0.35 during mid-day trading on Friday, reaching $186.95. The stock had a trading volume of 2,615 shares, compared to its average volume of 273,585. The company has a market capitalization of $8.33 billion, a price-to-earnings ratio of 20.46, a price-to-earnings-growth ratio of 1.36 and a beta of 0.31. RenaissanceRe Holdings Ltd. has a 1-year low of $118.28 and a 1-year high of $193.34. The stock’s 50 day simple moving average is $185.94 and its two-hundred day simple moving average is $168.41. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.54 and a quick ratio of 1.54.
RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, July 23rd. The insurance provider reported $4.78 EPS for the quarter, topping the Zacks’ consensus estimate of $3.58 by $1.20. RenaissanceRe had a return on equity of 8.87% and a net margin of 19.47%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $824.40 million. During the same period last year, the firm earned $5.23 earnings per share. The company’s revenue for the quarter was up 69.2% compared to the same quarter last year. Sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 14.59 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.36 dividend on an annualized basis and a yield of 0.73%. RenaissanceRe’s payout ratio is currently 14.83%.
Several research firms have commented on RNR. Wells Fargo & Co raised their price objective on RenaissanceRe from $155.00 to $175.00 and gave the company a “market perform” rating in a research report on Thursday, July 11th. Deutsche Bank lowered RenaissanceRe from a “buy” rating to a “hold” rating and set a $186.00 target price on the stock. in a research report on Monday, July 15th. They noted that the move was a valuation call. Morgan Stanley lifted their target price on RenaissanceRe from $164.00 to $193.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $154.00 to $187.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Finally, Barclays reaffirmed a “sell” rating on shares of RenaissanceRe in a research report on Tuesday, July 2nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $167.64.
In other news, SVP Ian D. Branagan sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 18th. The stock was sold at an average price of $180.00, for a total transaction of $540,000.00. Following the completion of the transaction, the senior vice president now directly owns 45,617 shares in the company, valued at $8,211,060. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Sean G. Brosnan sold 931 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $183.91, for a total value 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,306 shares of company stock valued at $5,876,889. 1.60% of the stock is currently owned by insiders.
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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