New Mexico Educational Retirement Board Purchases New Holdings in RenaissanceRe Holdings Ltd. (RNR)
New Mexico Educational Retirement Board purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 9,947 shares of the insurance provider’s stock, valued at approximately $1,249,000.
Other institutional investors have also recently bought and sold shares of the company. Nomura Holdings Inc. bought a new position in RenaissanceRe in the second quarter valued at about $212,000. Cadence Capital Management LLC bought a new position in RenaissanceRe in the third quarter valued at about $219,000. Toronto Dominion Bank boosted its holdings in RenaissanceRe by 241.0% in the third quarter. Toronto Dominion Bank now owns 1,715 shares of the insurance provider’s stock valued at $232,000 after acquiring an additional 1,212 shares during the last quarter. Unison Advisors LLC bought a new position in RenaissanceRe in the fourth quarter valued at about $219,000. Finally, Lbmc Investment Advisors LLC bought a new position in RenaissanceRe in the third quarter valued at about $245,000. Institutional investors and hedge funds own 88.33% of the company’s stock.
Several research firms recently issued reports on RNR. Wells Fargo & Co reiterated a “market perform” rating and issued a $125.00 price target (down previously from $140.00) on shares of RenaissanceRe in a report on Tuesday, January 9th. Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and raised their price target for the company from $151.00 to $157.00 in a report on Thursday, November 2nd. Zacks Investment Research upgraded RenaissanceRe from a “sell” rating to a “hold” rating in a report on Tuesday, February 6th. UBS Group raised their target price on RenaissanceRe from $135.00 to $144.00 and gave the stock a “neutral” rating in a report on Monday, November 6th. Finally, Morgan Stanley reduced their target price on RenaissanceRe from $144.00 to $142.00 and set an “equal weight” rating on the stock in a report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $145.88.
RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, January 31st. The insurance provider reported $1.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.29. RenaissanceRe had a negative return on equity of 7.68% and a negative net margin of 10.57%. The firm had revenue of $288.22 million for the quarter, compared to analysts’ expectations of $227.65 million. During the same quarter last year, the business earned $2.66 earnings per share. The company’s revenue was up 31.3% compared to the same quarter last year. sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 9.95 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $1.32 dividend on an annualized basis and a yield of 1.02%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.32. RenaissanceRe’s dividend payout ratio (DPR) is -20.16%.
RenaissanceRe announced that its board has approved a share buyback program on Friday, November 10th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.
In other news, SVP Sean G. Brosnan sold 1,391 shares of the firm’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $135.73, for a total transaction of $188,800.43. Following the sale, the senior vice president now owns 8,405 shares of the company’s stock, valued at $1,140,810.65. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Kevin Odonnell sold 5,000 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $131.65, for a total value of $658,250.00. Following the sale, the chief executive officer now directly owns 190,707 shares in the company, valued at approximately $25,106,576.55. The disclosure for this sale can be found here. Company insiders own 1.80% of the company’s stock.
RenaissanceRe 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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