Principal Financial Group Inc. Lowers Stock Position in RenaissanceRe Holdings Ltd. $RNR

Principal Financial Group Inc. lessened its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 97,098 shares of the insurance provider’s stock after selling 2,041 shares during the period. Principal Financial Group Inc.’s holdings in RenaissanceRe were worth $28,860,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Applied Finance Capital Management LLC lifted its position in RenaissanceRe by 14.3% during the 1st quarter. Applied Finance Capital Management LLC now owns 829 shares of the insurance provider’s stock valued at $246,000 after acquiring an additional 104 shares during the period. Candriam S.C.A. purchased a new stake in RenaissanceRe in the first quarter worth about $6,202,000. ARGA Investment Management LP bought a new position in shares of RenaissanceRe during the first quarter valued at approximately $2,263,000. Kestra Advisory Services LLC increased its stake in shares of RenaissanceRe by 27.0% during the first quarter. Kestra Advisory Services LLC now owns 1,314 shares of the insurance provider’s stock valued at $391,000 after purchasing an additional 279 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. lifted its holdings in shares of RenaissanceRe by 1.2% during the first quarter. Resona Asset Management Co. Ltd. now owns 7,606 shares of the insurance provider’s stock valued at $2,261,000 after purchasing an additional 93 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on RNR shares. Evercore set a $320.00 price target on RenaissanceRe in a research note on Friday, July 10th. Mizuho lifted their price objective on RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. UBS Group boosted their target price on RenaissanceRe from $326.00 to $342.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Wolfe Research set a $315.00 target price on RenaissanceRe in a research note on Tuesday, July 7th. Finally, Morgan Stanley raised their price target on RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $331.80.

RenaissanceRe Stock Performance

RNR opened at $322.88 on Monday. The company’s 50 day moving average is $302.22 and its 200 day moving average is $297.08. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The company has a market cap of $13.76 billion, a price-to-earnings ratio of 5.38, a PEG ratio of 1.26 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 12-month low of $231.17 and a 12-month high of $329.57.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The business had revenue of $2.19 billion during the quarter. On average, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 40.57 EPS for the current year.

RenaissanceRe Dividend Announcement

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

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.