The Manufacturers Life Insurance Company Reduces Holdings in RenaissanceRe Holdings Ltd. $RNR

The Manufacturers Life Insurance Company reduced its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 7.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,350 shares of the insurance provider’s stock after selling 2,244 shares during the period. The Manufacturers Life Insurance Company owned 0.07% of RenaissanceRe worth $8,426,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. SBI Securities Co. Ltd. increased its position in RenaissanceRe by 33.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after buying an additional 37 shares in the last quarter. Beacon Pointe Advisors LLC lifted its position in shares of RenaissanceRe by 2.2% in the fourth quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider’s stock valued at $522,000 after acquiring an additional 40 shares in the last quarter. Signaturefd LLC lifted its position in shares of RenaissanceRe by 8.9% in the fourth quarter. Signaturefd LLC now owns 504 shares of the insurance provider’s stock valued at $142,000 after acquiring an additional 41 shares in the last quarter. Midwest Professional Planners LTD. boosted its stake in shares of RenaissanceRe by 1.5% during the first quarter. Midwest Professional Planners LTD. now owns 3,313 shares of the insurance provider’s stock valued at $985,000 after acquiring an additional 48 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its stake in shares of RenaissanceRe by 2.6% during the third quarter. Brown Brothers Harriman & Co. now owns 2,006 shares of the insurance provider’s stock valued at $509,000 after acquiring an additional 51 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RNR shares. Keefe, Bruyette & Woods upped their target price on shares of RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a report on Monday, July 27th. JPMorgan Chase & Co. boosted their price objective on shares of RenaissanceRe from $329.00 to $360.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. TD Cowen raised their target price on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a research report on Tuesday, July 7th. Wells Fargo & Company boosted their price target on RenaissanceRe from $306.00 to $329.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Finally, Mizuho increased their price target on RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $336.33.

RenaissanceRe Price Performance

RNR opened at $322.06 on Wednesday. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $335.97. The company’s 50 day simple moving average is $308.86 and its 200 day simple moving average is $301.11. The stock has a market capitalization of $13.38 billion, a PE ratio of 5.53, a P/E/G ratio of 1.18 and a beta of 0.17. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, topping the consensus estimate of $11.72 by $1.20. The firm had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.57 billion. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. During the same quarter in the prior year, the business posted $12.29 earnings per share. As a group, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe’s dividend payout ratio is presently 2.81%.

Insider Activity at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the completion of the sale, the executive vice president directly owned 72,907 shares in the company, valued at $24,280,218.21. This represents a 6.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by insiders.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.