Fjarde AP Fonden Fourth Swedish National Pension Fund Has $2.46 Million Position in RenaissanceRe Holdings Ltd. (RNR)
Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 43.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,231 shares of the insurance provider’s stock after acquiring an additional 5,491 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in RenaissanceRe Holdings were worth $2,464,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of RNR. Janus Henderson Group PLC increased its stake in RenaissanceRe Holdings by 53,631.6% during the 2nd quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock worth $179,463,000 after purchasing an additional 1,288,230 shares in the last quarter. Renaissance Technologies LLC increased its stake in RenaissanceRe Holdings by 85.1% during the 2nd quarter. Renaissance Technologies LLC now owns 692,497 shares of the insurance provider’s stock worth $96,292,000 after purchasing an additional 318,282 shares in the last quarter. APG Asset Management N.V. increased its stake in RenaissanceRe Holdings by 41.3% during the 3rd quarter. APG Asset Management N.V. now owns 970,002 shares of the insurance provider’s stock worth $131,086,000 after purchasing an additional 283,300 shares in the last quarter. Wells Fargo & Company MN increased its stake in RenaissanceRe Holdings by 29.6% during the 2nd quarter. Wells Fargo & Company MN now owns 768,954 shares of the insurance provider’s stock worth $106,923,000 after purchasing an additional 175,408 shares in the last quarter. Finally, Bessemer Group Inc. increased its stake in RenaissanceRe Holdings by 99.0% during the 3rd quarter. Bessemer Group Inc. now owns 336,900 shares of the insurance provider’s stock worth $45,529,000 after purchasing an additional 167,621 shares in the last quarter. 92.25% of the stock is owned by institutional investors and hedge funds.
A number of analysts recently issued reports on the company. UBS AG lowered their target price on RenaissanceRe Holdings from $136.00 to $135.00 and set a “neutral” rating for the company in a research note on Monday, October 2nd. Zacks Investment Research cut RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research note on Wednesday, November 1st. ValuEngine raised RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. Wells Fargo & Company reissued a “hold” rating and set a $140.00 target price on shares of RenaissanceRe Holdings in a research note on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and set a $143.00 target price on shares of RenaissanceRe Holdings in a research note on Thursday, September 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company’s stock. RenaissanceRe Holdings presently has a consensus rating of “Hold” and an average target price of $148.38.
In other news, CEO Kevin Odonnell sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $134.89, for a total transaction of $674,450.00. Following the completion of the transaction, the chief executive officer now directly owns 197,904 shares of the company’s stock, valued at approximately $26,695,270.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is owned by company insiders.
RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at $134.50 on Wednesday. RenaissanceRe Holdings Ltd. has a 52 week low of $120.55 and a 52 week high of $152.00. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.25.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share for the quarter, missing the consensus estimate of ($12.25) by ($1.56). The business had revenue of $483.22 million for the quarter, compared to the consensus estimate of $300.46 million. RenaissanceRe Holdings had a negative return on equity of 5.82% and a negative net margin of 7.60%. RenaissanceRe Holdings’s revenue was up 70.0% compared to the same quarter last year. During the same period in the prior year, the business earned $2.09 earnings per share. research analysts expect that RenaissanceRe Holdings Ltd. will post -6.81 earnings per share for the current fiscal year.
RenaissanceRe Holdings declared that its board has authorized a stock repurchase plan on Wednesday, August 2nd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to repurchase up to 8.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Thursday, December 14th. This represents a $1.28 annualized dividend and a dividend yield of 0.95%. RenaissanceRe Holdings’s dividend payout ratio is currently -28.01%.
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RenaissanceRe Holdings Company Profile
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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