RenaissanceRe Holdings Ltd. $RNR Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 34.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 157,208 shares of the insurance provider’s stock after selling 82,122 shares during the quarter. JPMorgan Chase & Co.’s holdings in RenaissanceRe were worth $39,923,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. HighTower Advisors LLC increased its stake in RenaissanceRe by 6.0% in the 3rd quarter. HighTower Advisors LLC now owns 7,781 shares of the insurance provider’s stock valued at $1,976,000 after purchasing an additional 439 shares in the last quarter. Abich Financial Wealth Management LLC acquired a new stake in RenaissanceRe in the third quarter valued at $65,000. Illinois Municipal Retirement Fund increased its position in shares of RenaissanceRe by 37.2% in the third quarter. Illinois Municipal Retirement Fund now owns 21,230 shares of the insurance provider’s stock valued at $5,391,000 after buying an additional 5,751 shares in the last quarter. Versor Investments LP purchased a new position in shares of RenaissanceRe in the third quarter valued at $218,000. Finally, ProShare Advisors LLC raised its stake in shares of RenaissanceRe by 6.1% during the 3rd quarter. ProShare Advisors LLC now owns 146,898 shares of the insurance provider’s stock worth $37,302,000 after buying an additional 8,464 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Morgan Stanley cut shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective on the stock. in a research note on Thursday. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. BMO Capital Markets reissued an “outperform” rating and set a $303.00 price objective on shares of RenaissanceRe in a research note on Friday, December 5th. Wells Fargo & Company upped their target price on RenaissanceRe from $281.00 to $306.00 and gave the company an “equal weight” rating in a research note on Thursday, February 5th. Finally, JPMorgan Chase & Co. increased their target price on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a report on Wednesday, January 7th. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $310.27.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction dated Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the sale, the executive vice president directly owned 73,023 shares in the company, valued at $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Price Performance

RenaissanceRe stock opened at $298.22 on Friday. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $315.88. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43. The firm has a 50 day moving average price of $285.23 and a 200 day moving average price of $264.85. The company has a market cap of $12.97 billion, a price-to-earnings ratio of 5.26, a PEG ratio of 0.73 and a beta of 0.24.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the firm posted $8.06 earnings per share. RenaissanceRe’s revenue was up 29.6% on a year-over-year basis. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $0.41 dividend. The ex-dividend date is Friday, March 13th. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s payout ratio is 2.82%.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.