TAP Consulting LLC reduced its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 91.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,277 shares of the insurance provider’s stock after selling 14,234 shares during the period. TAP Consulting LLC’s holdings in RenaissanceRe were worth $205,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Veriti Management LLC bought a new position in RenaissanceRe during the 4th quarter worth $27,000. Harbor Investment Advisory LLC raised its position in shares of RenaissanceRe by 63.1% in the 1st quarter. Harbor Investment Advisory LLC now owns 729 shares of the insurance provider’s stock worth $117,000 after acquiring an additional 282 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of RenaissanceRe in the 4th quarter worth about $214,000. 6 Meridian bought a new position in shares of RenaissanceRe in the 1st quarter worth about $211,000. Finally, Redpoint Investment Management Pty Ltd bought a new position in shares of RenaissanceRe in the 1st quarter worth about $219,000. 94.27% of the stock is owned by institutional investors and hedge funds.
RNR has been the subject of several research analyst reports. Zacks Investment Research raised RenaissanceRe from a “sell” rating to a “hold” rating and set a $180.00 price objective for the company in a research report on Wednesday, March 17th. Morgan Stanley lowered their price objective on RenaissanceRe from $195.00 to $191.00 and set an “equal weight” rating for the company in a research report on Friday, April 16th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $189.67.
RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, April 28th. The insurance provider reported $0.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.74 by ($0.65). The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.67 billion. RenaissanceRe had a net margin of 10.74% and a return on equity of 0.22%. The business’s quarterly revenue was up 43.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.76 earnings per share. Equities research analysts predict that RenaissanceRe Holdings Ltd. will post 10.32 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 30th. Stockholders of record on Tuesday, June 15th will be paid a $0.36 dividend. The ex-dividend date of this dividend is Monday, June 14th. This represents a $1.44 annualized dividend and a dividend yield of 0.96%. RenaissanceRe’s dividend payout ratio is presently 1,200.00%.
RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, and other windstorms, as well as claims arising from other natural and man-made catastrophes comprising tsunamis, winter storms, freezes, floods, fires, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.
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