World Asset Management Inc Sells 43 Shares of RenaissanceRe Holdings Ltd. (RNR)
World Asset Management Inc decreased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.5% during the second quarter, Holdings Channel reports. The institutional investor owned 2,863 shares of the insurance provider’s stock after selling 43 shares during the period. World Asset Management Inc’s holdings in RenaissanceRe Holdings were worth $398,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in RNR. Macquarie Group Ltd. increased its position in RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock worth $193,000 after buying an additional 314 shares in the last quarter. Quadrant Capital Group LLC increased its position in RenaissanceRe Holdings by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 826 shares of the insurance provider’s stock worth $114,000 after buying an additional 58 shares in the last quarter. Capstone Asset Management Co. increased its position in RenaissanceRe Holdings by 1.4% in the first quarter. Capstone Asset Management Co. now owns 5,992 shares of the insurance provider’s stock worth $867,000 after buying an additional 80 shares in the last quarter. Louisiana State Employees Retirement System increased its position in RenaissanceRe Holdings by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 10,300 shares of the insurance provider’s stock worth $1,490,000 after buying an additional 100 shares in the last quarter. Finally, Moon Capital Management LLC increased its position in RenaissanceRe Holdings by 2.5% in the first quarter. Moon Capital Management LLC now owns 17,731 shares of the insurance provider’s stock worth $2,565,000 after buying an additional 434 shares in the last quarter. Hedge funds and other institutional investors own 93.23% of the company’s stock.
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at 147.98 on Friday. The firm has a market capitalization of $5.96 billion, a P/E ratio of 12.63 and a beta of 0.65. The firm has a 50-day moving average of $143.66 and a 200 day moving average of $142.82. RenaissanceRe Holdings Ltd. has a 52 week low of $116.27 and a 52 week high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last announced its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The firm had revenue of $555.75 million for the quarter, compared to the consensus estimate of $540.65 million. During the same period in the prior year, the firm earned $1.55 EPS. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities research analysts expect that RenaissanceRe Holdings Ltd. will post $8.66 EPS for the current fiscal year.
RenaissanceRe Holdings declared that its board has approved a stock repurchase program on Wednesday, May 17th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the insurance provider to reacquire up to 99% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 0.86%. The ex-dividend date is Thursday, September 14th. RenaissanceRe Holdings’s dividend payout ratio (DPR) is presently 10.90%.
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A number of equities analysts have recently issued reports on RNR shares. Wells Fargo & Company reiterated a “hold” rating on shares of RenaissanceRe Holdings in a research note on Sunday, April 16th. Zacks Investment Research downgraded shares of RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a research note on Friday, May 5th. ValuEngine upgraded shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub downgraded shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $143.00 price objective on shares of RenaissanceRe Holdings in a research note on Wednesday, June 28th. Ten equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. RenaissanceRe Holdings presently has an average rating of “Hold” and an average price target of $143.20.
In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 38,344 shares of the business’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the completion of the transaction, the chief executive officer now owns 208,150 shares in the company, valued at approximately $30,791,629.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Stephen Howard Weinstein sold 14,000 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $143.19, for a total transaction of $2,004,660.00. Following the transaction, the senior vice president now owns 75,162 shares of the company’s stock, valued at approximately $10,762,446.78. The disclosure for this sale can be found here. Insiders have sold a total of 57,644 shares of company stock valued at $8,462,507 in the last quarter. 1.80% of the stock is currently owned by company insiders.
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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