RenaissanceRe Holdings Ltd. (RNR) Position Reduced by Oregon Public Employees Retirement Fund
Oregon Public Employees Retirement Fund trimmed its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,442 shares of the insurance provider’s stock after selling 1,213 shares during the quarter. Oregon Public Employees Retirement Fund owned about 0.06% of RenaissanceRe Holdings worth $3,033,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also bought and sold shares of the company. Americafirst Capital Management LLC purchased a new position in RenaissanceRe Holdings during the second quarter worth about $161,000. Nomura Holdings Inc. purchased a new position in RenaissanceRe Holdings during the second quarter worth about $212,000. Citigroup Inc. grew its position in RenaissanceRe Holdings by 262.5% during the second quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock worth $218,000 after buying an additional 1,134 shares in the last quarter. Parametrica Management Ltd purchased a new position in RenaissanceRe Holdings during the second quarter worth about $220,000. Finally, Pacad Investment Ltd. purchased a new position in RenaissanceRe Holdings during the second quarter worth about $222,000. Institutional investors and hedge funds own 91.76% of the company’s stock.
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Several equities analysts recently commented on the company. Citigroup Inc. reduced their target price on RenaissanceRe Holdings from $148.00 to $146.00 and set a “neutral” rating for the company in a research report on Monday, October 2nd. Zacks Investment Research upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Friday. UBS AG boosted their target price on RenaissanceRe Holdings from $135.00 to $144.00 and gave the stock a “neutral” rating in a research report on Monday, November 6th. BidaskClub upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. Finally, Wells Fargo & Company reiterated a “hold” rating and issued a $140.00 price objective on shares of RenaissanceRe Holdings in a report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $144.38.
RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at $139.70 on Friday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $120.55 and a fifty-two week high of $152.00. 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 (NYSE:RNR) last issued its 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 company had revenue of $483.22 million for the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe Holdings had a negative net margin of 7.60% and a negative return on equity of 5.82%. The company’s revenue was up 70.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.09 earnings per share. sell-side analysts predict that RenaissanceRe Holdings Ltd. will post -6.8 EPS for the current fiscal year.
RenaissanceRe Holdings announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, August 2nd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the insurance provider to purchase up to 8.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
In related news, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $134.89, for a total transaction of $674,450.00. Following the completion of the sale, the chief executive officer now directly owns 197,904 shares in the company, valued at approximately $26,695,270.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.80% of the company’s stock.
RenaissanceRe Holdings 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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