CIBC Asset Management Inc Continues to Hold Stake in RenaissanceRe Holdings Ltd. (RNR)
CIBC Asset Management Inc maintained its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,088 shares of the insurance provider’s stock at the end of the second quarter. CIBC Asset Management Inc’s holdings in RenaissanceRe Holdings were worth $707,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in RNR. Great West Life Assurance Co. Can raised its position in shares of RenaissanceRe Holdings by 11.6% in the second quarter. Great West Life Assurance Co. Can now owns 156,286 shares of the insurance provider’s stock valued at $21,709,000 after buying an additional 16,243 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of RenaissanceRe Holdings by 38.9% in the second quarter. Janney Montgomery Scott LLC now owns 4,482 shares of the insurance provider’s stock valued at $623,000 after buying an additional 1,256 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in shares of RenaissanceRe Holdings during the second quarter valued at approximately $1,210,000. Shell Asset Management Co. raised its position in shares of RenaissanceRe Holdings by 4.6% in the second quarter. Shell Asset Management Co. now owns 12,066 shares of the insurance provider’s stock valued at $1,678,000 after buying an additional 530 shares during the last quarter. Finally, ING Groep NV bought a new position in shares of RenaissanceRe Holdings during the second quarter valued at approximately $687,000. 92.83% of the stock is owned by hedge funds and other institutional investors.
RenaissanceRe Holdings Ltd. (NYSE RNR) opened at 148.20 on Tuesday. The stock has a market capitalization of $5.97 billion, a price-to-earnings ratio of 12.65 and a beta of 0.65. RenaissanceRe Holdings Ltd. has a 52-week low of $116.27 and a 52-week high of $152.00. The firm’s 50-day moving average is $143.89 and its 200-day moving average is $142.97.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The company had revenue of $555.75 million during the quarter, compared to analysts’ expectations of $540.65 million. During the same quarter in the previous year, the business earned $1.55 earnings per share. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. Analysts predict that RenaissanceRe Holdings Ltd. will post $8.66 earnings per share for the current year.
RenaissanceRe Holdings announced that its Board of Directors has authorized a share buyback plan on Wednesday, May 17th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 99% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Thursday, September 14th. RenaissanceRe Holdings’s dividend payout ratio is currently 10.90%.
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Several equities analysts recently commented on the stock. BidaskClub raised shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. UBS AG reaffirmed a “neutral” rating and issued a $145.00 price objective (up from $139.00) on shares of RenaissanceRe Holdings in a research report on Tuesday, August 1st. J P Morgan Chase & Co lowered shares of RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $165.00 to $145.00 in a research report on Friday, July 28th. ValuEngine raised shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Finally, Wells Fargo & Company reaffirmed a “hold” rating and issued a $140.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Ten analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $143.20.
In other RenaissanceRe Holdings news, SVP Ross Curtis sold 5,300 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total value of $785,619.00. Following the completion of the sale, the senior vice president now owns 98,564 shares in the company, valued at $14,610,141.72. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Stephen Howard Weinstein sold 14,000 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $143.19, for a total value of $2,004,660.00. Following the completion of the sale, the senior vice president now owns 75,162 shares of the company’s stock, valued at approximately $10,762,446.78. The disclosure for this sale can be found here. In the last quarter, insiders sold 57,644 shares of company stock valued at $8,462,507. 1.80% of the stock is owned by company insiders.
About RenaissanceRe Holdings
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
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