Verition Fund Management LLC reduced its position in RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) by 52.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,300 shares of the insurance provider's stock after selling 1,425 shares during the period. Verition Fund Management LLC's holdings in RenaissanceRe were worth $206,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RNR. Koshinski Asset Management Inc. grew its stake in shares of RenaissanceRe by 41.8% during the 1st quarter. Koshinski Asset Management Inc. now owns 312 shares of the insurance provider's stock valued at $49,000 after buying an additional 92 shares during the period. Toth Financial Advisory Corp grew its stake in shares of RenaissanceRe by 83.3% during the 1st quarter. Toth Financial Advisory Corp now owns 484 shares of the insurance provider's stock valued at $77,000 after buying an additional 220 shares during the period. Park Avenue Securities LLC grew its stake in shares of RenaissanceRe by 11.4% during the 1st quarter. Park Avenue Securities LLC now owns 2,354 shares of the insurance provider's stock valued at $373,000 after buying an additional 241 shares during the period. Teacher Retirement System of Texas grew its stake in shares of RenaissanceRe by 2.7% during the 1st quarter. Teacher Retirement System of Texas now owns 9,416 shares of the insurance provider's stock valued at $1,493,000 after buying an additional 245 shares during the period. Finally, Point72 Hong Kong Ltd purchased a new stake in shares of RenaissanceRe during the 4th quarter valued at $45,000. 94.94% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RNR. Jefferies Financial Group cut shares of RenaissanceRe from a "buy" rating to a "hold" rating and lowered their price objective for the company from $173.00 to $162.00 in a research note on Tuesday, July 12th. Morgan Stanley reduced their target price on shares of RenaissanceRe from $162.00 to $150.00 and set an "equal weight" rating on the stock in a report on Friday, August 19th. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $176.67.

RenaissanceRe Stock Performance

RenaissanceRe (NYSE:RNR – Get Rating) last issued its quarterly earnings data on Monday, July 25th. The insurance provider reported $5.51 EPS for the quarter, topping analysts' consensus estimates of $5.11 by $0.40. RenaissanceRe had a negative net margin of 19.70% and a positive return on equity of 3.88%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the previous year, the business posted $5.64 EPS. The firm's revenue was up 23.2% compared to the same quarter last year. As a group, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 14.44 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $1.48 dividend on an annualized basis and a yield of 1.12%. RenaissanceRe's dividend payout ratio is currently -6.81%.

Insider Activity

In related news, Director Brian Gerald John Gray bought 7,500 shares of the business's stock in a transaction dated Wednesday, August 10th. The shares were acquired at an average price of $130.62 per share, for a total transaction of $979,650.00. Following the purchase, the director now owns 23,621 shares in the company, valued at approximately $3,085,375.02. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.70% of the company's stock.

RenaissanceRe Profile

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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, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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.

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