Polar Capital Holdings Plc Sells 87,835 Shares of RenaissanceRe Holdings Ltd. $RNR

Polar Capital Holdings Plc lowered its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 6.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,279,917 shares of the insurance provider’s stock after selling 87,835 shares during the quarter. RenaissanceRe makes up approximately 1.4% of Polar Capital Holdings Plc’s investment portfolio, making the stock its 12th largest position. Polar Capital Holdings Plc owned approximately 2.94% of RenaissanceRe worth $359,861,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Capital World Investors increased its position in shares of RenaissanceRe by 0.3% in the third quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider’s stock valued at $672,792,000 after acquiring an additional 7,839 shares during the last quarter. Boston Partners increased its position in shares of RenaissanceRe by 9.9% in the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider’s stock valued at $400,150,000 after acquiring an additional 128,245 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of RenaissanceRe by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,033,009 shares of the insurance provider’s stock valued at $290,450,000 after acquiring an additional 31,599 shares during the last quarter. Lightrock Netherlands B.V. increased its position in shares of RenaissanceRe by 4,690.1% in the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock valued at $286,083,000 after acquiring an additional 996,266 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of RenaissanceRe by 17.6% in the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after acquiring an additional 120,063 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on RNR. Barclays lowered their target price on RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods lifted their target price on RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a research report on Tuesday, April 7th. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their target price for the company from $335.00 to $345.00 in a research report on Wednesday, June 10th. TD Cowen lifted their target price on RenaissanceRe from $280.00 to $290.00 and gave the company a “hold” rating in a research report on Thursday, February 26th. Finally, UBS Group lifted their target price on RenaissanceRe from $319.00 to $326.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $323.64.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $300.64 on Wednesday. The business’s 50 day moving average price is $298.95 and its two-hundred day moving average price is $290.09. The company has a market cap of $12.82 billion, a PE ratio of 5.01, a price-to-earnings-growth ratio of 1.12 and a beta of 0.18. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. RenaissanceRe Holdings Ltd. has a twelve month low of $231.17 and a twelve month high of $318.20.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. The firm had revenue of $2.19 billion for the quarter. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%. On average, analysts predict that RenaissanceRe Holdings Ltd. will post 40.05 EPS for the current year.

RenaissanceRe Dividend Announcement

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

RenaissanceRe 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.