Edgestream Partners L.P. Trims Position in RenaissanceRe Holdings Ltd. $RNR

Edgestream Partners L.P. trimmed its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 13.3% during the 1st quarter, Holdings Channel reports. The firm owned 35,740 shares of the insurance provider’s stock after selling 5,500 shares during the period. Edgestream Partners L.P.’s holdings in RenaissanceRe were worth $10,623,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Robeco Institutional Asset Management B.V. boosted its stake in shares of RenaissanceRe by 135.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock worth $55,100,000 after acquiring an additional 112,910 shares during the period. Belpointe Asset Management LLC raised its stake in RenaissanceRe by 595.0% during the 4th quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider’s stock valued at $1,729,000 after purchasing an additional 5,266 shares during the period. M&T Bank Corp lifted its holdings in RenaissanceRe by 8,296.5% in the 4th quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock worth $81,635,000 after purchasing an additional 286,894 shares in the last quarter. Horizon Investments LLC boosted its stake in RenaissanceRe by 247,520.0% in the 4th quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider’s stock worth $6,962,000 after purchasing an additional 24,752 shares during the period. Finally, Estate Counselors LLC bought a new position in RenaissanceRe in the 4th quarter worth approximately $2,946,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Trading Down 0.5%

Shares of RNR opened at $332.61 on Thursday. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $335.97. The company has a 50-day moving average of $306.94 and a 200 day moving average of $299.78. The firm has a market capitalization of $13.82 billion, a price-to-earnings ratio of 5.71, a PEG ratio of 1.24 and a beta of 0.17. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, topping analysts’ consensus estimates of $11.72 by $1.20. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.57 billion. During the same period last year, the company posted $12.29 earnings per share. On average, research analysts expect that RenaissanceRe Holdings Ltd. will post 41.68 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio is presently 2.81%.

Wall Street Analyst Weigh In

RNR has been the topic of several recent analyst reports. Evercore set a $330.00 price objective on shares of RenaissanceRe in a research report on Thursday, July 23rd. Cantor Fitzgerald reiterated an “overweight” rating on shares of RenaissanceRe in a report on Thursday, July 23rd. Morgan Stanley increased their price objective on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. UBS Group set a $349.00 target price on RenaissanceRe and gave the stock a “neutral” rating in a report on Monday. Finally, Barclays increased their price target on RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $336.33.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the transaction, the executive vice president owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 2.30% of the company’s stock.

RenaissanceRe Company 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.