State Street Corp Sells 40,031 Shares of RenaissanceRe Holdings Ltd. (RNR)
State Street Corp cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,253,825 shares of the insurance provider’s stock after selling 40,031 shares during the quarter. State Street Corp owned approximately 5.60% of RenaissanceRe Holdings worth $313,403,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in RNR. Stifel Financial Corp lifted its holdings in RenaissanceRe Holdings by 1.0% during the 1st quarter. Stifel Financial Corp now owns 2,255 shares of the insurance provider’s stock worth $324,000 after buying an additional 22 shares during the period. United Services Automobile Association lifted its holdings in RenaissanceRe Holdings by 572.1% during the 1st quarter. United Services Automobile Association now owns 12,460 shares of the insurance provider’s stock worth $1,802,000 after buying an additional 10,606 shares during the period. OppenheimerFunds Inc. lifted its holdings in RenaissanceRe Holdings by 4.2% during the 1st quarter. OppenheimerFunds Inc. now owns 2,870 shares of the insurance provider’s stock worth $415,000 after buying an additional 116 shares during the period. Wellington Management Group LLP lifted its holdings in RenaissanceRe Holdings by 25.8% during the 1st quarter. Wellington Management Group LLP now owns 89,051 shares of the insurance provider’s stock worth $12,882,000 after buying an additional 18,251 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in RenaissanceRe Holdings by 1.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,019 shares of the insurance provider’s stock worth $294,000 after buying an additional 19 shares during the period. 91.70% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction dated Monday, October 2nd. The shares were 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 $26,695,270.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Ross Curtis sold 5,300 shares of the stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total transaction of $785,619.00. Following the sale, the senior vice president now owns 98,564 shares of the company’s stock, valued at $14,610,141.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 48,644 shares of company stock valued at $7,132,297. 1.80% of the stock is currently owned by company insiders.
RenaissanceRe Holdings Ltd. (RNR) opened at 139.55 on Friday. The firm has a market capitalization of $5.62 billion, a P/E ratio of 11.91 and a beta of 0.65. RenaissanceRe Holdings Ltd. has a 52 week low of $120.55 and a 52 week high of $152.00. The stock has a 50 day moving average price of $135.06 and a 200-day moving average price of $140.50.
RenaissanceRe Holdings (NYSE:RNR) last posted its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.46. The company had revenue of $555.75 million during the quarter, compared to analyst estimates of $540.65 million. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. RenaissanceRe Holdings’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.55 earnings per share. Analysts anticipate that RenaissanceRe Holdings Ltd. will post ($5.29) EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were issued a dividend of $0.32 per share. The ex-dividend date was Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.92%. RenaissanceRe Holdings’s dividend payout ratio is currently 10.90%.
RenaissanceRe Holdings announced that its board has authorized a share buyback program on Wednesday, August 2nd that permits the company to buyback $500.00 million in shares. This buyback authorization permits the insurance provider to purchase up to 8.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
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Several research analysts have commented on the company. BidaskClub raised RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. UBS AG reaffirmed a “neutral” rating and set a $145.00 target price (up from $139.00) on shares of RenaissanceRe Holdings in a report on Tuesday, August 1st. Wells Fargo & Company reaffirmed a “hold” rating and set a $140.00 target price on shares of RenaissanceRe Holdings in a report on Wednesday, July 26th. ValuEngine raised RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, July 28th. Finally, J P Morgan Chase & Co downgraded RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $165.00 to $145.00 in a report on Friday, July 28th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has issued a buy rating to the company. RenaissanceRe Holdings currently has a consensus rating of “Hold” and a consensus price target of $143.28.
About RenaissanceRe Holdings
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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