RenaissanceRe Holdings Ltd. (RNR) Holdings Lifted by Nepsis Capital Management Inc.
Nepsis Capital Management Inc. boosted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 29.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 58,577 shares of the insurance provider’s stock after acquiring an additional 13,297 shares during the period. RenaissanceRe makes up approximately 4.1% of Nepsis Capital Management Inc.’s investment portfolio, making the stock its 2nd largest holding. Nepsis Capital Management Inc. owned 0.15% of RenaissanceRe worth $7,916,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Lagoda Investment Management L.P. lifted its holdings in shares of RenaissanceRe by 0.6% in the third quarter. Lagoda Investment Management L.P. now owns 149,087 shares of the insurance provider’s stock valued at $20,148,000 after purchasing an additional 847 shares in the last quarter. First Republic Investment Management Inc. bought a new stake in shares of RenaissanceRe in the third quarter valued at about $490,000. Prospector Partners LLC lifted its holdings in shares of RenaissanceRe by 1.1% in the third quarter. Prospector Partners LLC now owns 93,974 shares of the insurance provider’s stock valued at $12,700,000 after purchasing an additional 1,020 shares in the last quarter. Accident Compensation Corp lifted its holdings in shares of RenaissanceRe by 2.7% in the third quarter. Accident Compensation Corp now owns 38,481 shares of the insurance provider’s stock valued at $5,200,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Aureus Asset Management LLC bought a new stake in shares of RenaissanceRe in the third quarter valued at about $270,000. Hedge funds and other institutional investors own 93.44% of the company’s stock.
A number of analysts have recently commented on the company. BidaskClub lowered RenaissanceRe from a “hold” rating to a “sell” rating in a report on Friday, August 25th. UBS boosted their price target on RenaissanceRe from $135.00 to $144.00 and gave the company a “neutral” rating in a report on Monday, November 6th. Zacks Investment Research upgraded RenaissanceRe from a “sell” rating to a “hold” rating in a report on Friday, November 10th. Wells Fargo & Company set a $140.00 price target on RenaissanceRe and gave the company a “hold” rating in a report on Tuesday, October 31st. Finally, Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and boosted their price target for the company from $151.00 to $157.00 in a report on Thursday, November 2nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $148.38.
RenaissanceRe Holdings Ltd. (NYSE:RNR) traded down $2.46 during trading hours on Friday, hitting $125.69. The company had a trading volume of 558,300 shares, compared to its average volume of 290,292. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.66 and a current ratio of 1.66. RenaissanceRe Holdings Ltd. has a twelve month low of $120.55 and a twelve month high of $152.00.
RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). The company had revenue of $483.22 million during the quarter, compared to analyst estimates of $300.46 million. RenaissanceRe had a negative net margin of 7.60% and a negative return on equity of 5.82%. RenaissanceRe’s revenue was up 70.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.09 EPS. analysts anticipate that RenaissanceRe Holdings Ltd. will post -7.02 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.02%. The ex-dividend date is Thursday, December 14th. RenaissanceRe’s dividend payout ratio is currently -28.01%.
RenaissanceRe declared that its Board of Directors has authorized a share repurchase 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 leadership believes its shares are undervalued.
In related news, CEO Kevin Odonnell sold 5,000 shares of RenaissanceRe 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 owns 190,707 shares of the company’s stock, valued at $25,106,576.55. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Sean G. Brosnan sold 1,391 shares of RenaissanceRe stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $135.73, for a total value of $188,800.43. Following the completion of the sale, the senior vice president now directly owns 8,405 shares in the company, valued at approximately $1,140,810.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,391 shares of company stock worth $2,199,400. 1.80% of the stock is owned by company insiders.
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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