Sterling Capital Management LLC Sells 1,582 Shares of RenaissanceRe Holdings Ltd. $RNR

Sterling Capital Management LLC cut its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 41.0% in the 1st quarter, Holdings Channel reports. The institutional investor owned 2,272 shares of the insurance provider’s stock after selling 1,582 shares during the quarter. Sterling Capital Management LLC’s holdings in RenaissanceRe were worth $675,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RNR. Quarry LP grew its holdings in shares of RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after buying an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC raised its holdings in RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 94 shares during the last quarter. Kingdom Financial Group LLC. purchased a new position in RenaissanceRe in the 4th quarter worth approximately $36,000. Mcguire Capital Advisors Inc. bought a new position in RenaissanceRe in the 4th quarter valued at approximately $38,000. Finally, SBI Securities Co. Ltd. boosted its stake in RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 37 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

RNR opened at $317.36 on Thursday. The firm has a market cap of $13.53 billion, a P/E ratio of 5.29, a PEG ratio of 1.19 and a beta of 0.17. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. The company has a 50 day simple moving average of $299.18 and a two-hundred day simple moving average of $293.54. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $325.39.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.The business had revenue of $2.19 billion for the quarter. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Monday, June 15th. RenaissanceRe’s dividend payout ratio (DPR) is 2.73%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RNR. Bank of America lowered their price target on RenaissanceRe to $426.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Mizuho set a $325.00 target price on RenaissanceRe in a research report on Monday, May 4th. Barclays lowered their target price on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 29th. Cantor Fitzgerald raised shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and raised their price target for the company from $306.00 to $340.00 in a report on Thursday, April 9th. Finally, Evercore set a $309.00 price target on shares of RenaissanceRe in a research note on Thursday, April 9th. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, RenaissanceRe currently has an average rating of “Hold” and a consensus target price of $323.64.

RenaissanceRe Profile

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.