RenaissanceRe Holdings Ltd. $RNR Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.8% during the second quarter, HoldingsChannel reports. The firm owned 1,780,963 shares of the insurance provider’s stock after selling 70,618 shares during the period. Bank of New York Mellon Corp’s holdings in RenaissanceRe were worth $432,596,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of RNR. ARGA Investment Management LP lifted its stake in shares of RenaissanceRe by 344.9% in the first quarter. ARGA Investment Management LP now owns 24,089 shares of the insurance provider’s stock worth $5,781,000 after acquiring an additional 18,675 shares in the last quarter. M&T Bank Corp lifted its stake in shares of RenaissanceRe by 3.1% in the first quarter. M&T Bank Corp now owns 4,151 shares of the insurance provider’s stock worth $996,000 after acquiring an additional 124 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of RenaissanceRe by 128.4% in the first quarter. Nisa Investment Advisors LLC now owns 1,142 shares of the insurance provider’s stock worth $274,000 after acquiring an additional 642 shares in the last quarter. Bridges Investment Management Inc. lifted its stake in shares of RenaissanceRe by 21.9% in the first quarter. Bridges Investment Management Inc. now owns 6,020 shares of the insurance provider’s stock worth $1,445,000 after acquiring an additional 1,080 shares in the last quarter. Finally, Alps Advisors Inc. lifted its stake in shares of RenaissanceRe by 5.3% in the first quarter. Alps Advisors Inc. now owns 62,070 shares of the insurance provider’s stock worth $14,897,000 after acquiring an additional 3,102 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

RNR has been the topic of several recent analyst reports. Cowen reiterated a “hold” rating on shares of RenaissanceRe in a research note on Tuesday, October 7th. Morgan Stanley lowered their price objective on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating for the company in a report on Monday, July 14th. Cantor Fitzgerald raised RenaissanceRe to a “hold” rating in a report on Wednesday, August 13th. The Goldman Sachs Group began coverage on RenaissanceRe in a report on Tuesday, October 14th. They set a “sell” rating and a $256.00 target price for the company. Finally, Citigroup began coverage on RenaissanceRe in a report on Wednesday, August 13th. They set a “buy” rating and a $288.00 target price for the company. Four investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $283.67.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $256.12 on Tuesday. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $300.00. The firm has a market capitalization of $11.81 billion, a price-to-earnings ratio of 7.12, a price-to-earnings-growth ratio of 2.08 and a beta of 0.27. The business has a 50 day simple moving average of $248.68 and a 200 day simple moving average of $244.65. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.36.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The business had revenue of $2.06 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the company posted $10.23 EPS. The business’s revenue for the quarter was down 4.8% compared to the same quarter last year. On average, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.