The Manufacturers Life Insurance Company reduced its stake in the shares of RenaissanceRe Holdings Ltd. (NYSE: RNR – Get a rating) by 4.2% in the third quarter, according to the company in its latest filing with the Securities and Exchange Commission (SEC). The fund held 35,393 shares of the insurance provider after selling 1,563 shares during the quarter. The Manufacturers Life Insurance Company held approximately 0.08% of RenaissanceRe worth $4,969,000 at the end of the most recent quarter.
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A number of other institutional investors and hedge funds have also recently changed their stock holdings. Price T Rowe Associates Inc. MD increased its stake in RenaissanceRe shares by 6.6% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 3,335,157 shares of the insurance provider valued at $521,519,000 after acquiring 207,214 additional shares in the last quarter. Capital World Investors increased its holding in RenaissanceRe shares by 5.4% during the 1st quarter. Capital World Investors now owns 2,550,441 shares of the insurance provider valued at $404,270,000 after acquiring an additional 129,891 shares in the last quarter. State Street Corp increased its stake in RenaissanceRe shares by 6.2% during Q2. State Street Corp now owns 2,426,536 shares of the insurance provider valued at $379,437,000 after acquiring an additional 141,315 shares in the last quarter. JPMorgan Chase & Co. increased its position in RenaissanceRe by 0.7% in the second quarter. JPMorgan Chase & Co. now owns 1,038,205 shares of the insurance provider worth $162,344,000 after buying an additional 7,462 shares last quarter. Finally, Dimensional Fund Advisors LP increased its position in RenaissanceRe by 2.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 679,383 shares of the insurance provider worth $107,689,000 after buying an additional 15,215 shares in the last quarter. Institutional investors and hedge funds hold 95.52% of the company’s shares.
A Wall Street analyst gives his opinion
A number of analysts have recently released reports on RNR stocks. Wells Fargo & Company raised its price target on RenaissanceRe shares from $200.00 to $234.00 and gave the stock an “overweight” rating in a Wednesday, Jan. 18 research report. Morgan Stanley raised its target price on RenaissanceRe shares from $150.00 to $195.00 and gave the stock an “equal weight” rating in a Tuesday, November 22 research report. BMO Capital Markets began covering RenaissanceRe shares in a research report on Thursday, January 19. They set a “market performance” rating and a target price of $187.00 for the company. At last, StockNews.com upgraded RenaissanceRe’s shares from a “sell” to a “hold” rating in a Tuesday, Jan. 10 research report. Four research analysts rated the stock with a hold rating and one gave the company a buy rating. Based on data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and an average target price of $194.50.
RenaissanceRe Stock down 1.2%
Shares of NYSE: RNR opened at $192.60 on Tuesday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a leverage ratio of 0.28. Renaissance Re Holdings Ltd. has a 52-week low of $124.18 and a 52-week high of $199.85. The company has a 50-day moving average of $188.29 and a two-hundred-day moving average of $159.90. The company has a market capitalization of $8.42 billion, a price-earnings ratio of -6.16 and a beta of 0.43.
RebirthRe (NYSE: RNR – Get a rating) last released its quarterly earnings data on Tuesday, November 1. The insurance provider reported ($9.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($7.42) by ($1.85). RenaissanceRe had a negative net margin of 29.35% and a positive return on equity of 4.76%. The company posted revenue of $1.93 billion in the quarter, versus analyst estimates of $1.70 billion. As a group, analysts expect RenaissanceRe Holdings Ltd. will post earnings per share of 6.22 for the current fiscal year.
RenaissanceRe announces dividend
The company also recently announced a quarterly dividend, which was paid on Friday, December 30. Shareholders of record on Thursday, December 15 received a dividend of $0.37 per share. This represents an annualized dividend of $1.48 and a dividend yield of 0.77%. The ex-dividend date was Wednesday, December 14. RenaissanceRe’s dividend payout ratio (DPR) is currently -4.74%.
In addition, SVP Sean G. Brosnan sold 850 shares in a trade that took place on Tuesday, November 29. The stock was sold at an average price of $187.74, for a total transaction of $159,579.00. Following completion of the transaction, the Senior Vice President now directly owns 19,038 shares of the company, valued at approximately $3,574,194.12. The transaction was disclosed in a document filed with the SEC, accessible via this link. Insiders of the company own 1.70% of the shares of the company.
Renaissance Re Holdings Ltd. provides reinsurance and insurance services. It operates through the following segments: Property, Accident and Specialty, and Other. The property segment includes reinsurance and catastrophe and other property insurance. The P&C and Specialties segment is engaged in reinsurance and P&C and specialty insurance.
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