Wedge Capital Management L L P NC lowered its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) by 7.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,897 shares of the insurance provider's stock after selling 155 shares during the quarter. Wedge Capital Management L L P NC's holdings in RenaissanceRe were worth $297,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the company. State of Alaska Department of Revenue grew its holdings in RenaissanceRe by 2.6% during the second quarter. State of Alaska Department of Revenue now owns 6,348 shares of the insurance provider's stock valued at $992,000 after purchasing an additional 160 shares during the period. Fulton Bank N.A. acquired a new position in shares of RenaissanceRe in the second quarter valued at approximately $232,000. Walleye Capital LLC acquired a new position in shares of RenaissanceRe in the first quarter valued at approximately $269,000. Icon Advisers Inc. Co. acquired a new position in shares of RenaissanceRe in the first quarter valued at approximately $1,411,000. Finally, Capital World Investors boosted its holdings in shares of RenaissanceRe by 5.4% in the first quarter. Capital World Investors now owns 2,550,441 shares of the insurance provider's stock valued at $404,270,000 after buying an additional 129,891 shares during the period. Institutional investors and hedge funds own 94.94% of the company's stock.
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RenaissanceRe Stock Performance
Shares of RNR opened at $139.12 on Thursday. RenaissanceRe Holdings Ltd. has a 12 month low of $124.18 and a 12 month high of $174.54. The firm has a fifty day simple moving average of $136.91 and a 200 day simple moving average of $145.94. The stock has a market capitalization of $6.08 billion, a price-to-earnings ratio of -6.40 and a beta of 0.38. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.23.
RenaissanceRe (NYSE:RNR – Get Rating) last announced its earnings results on Monday, July 25th. The insurance provider reported $5.51 EPS for the quarter, topping the consensus estimate 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 business had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the prior year, the company posted $5.64 earnings per share. The firm's revenue was up 23.2% on a year-over-year basis. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 14.44 EPS for the current fiscal year.
RenaissanceRe Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 1.06%. The ex-dividend date is Wednesday, September 14th. RenaissanceRe's dividend payout ratio (DPR) is currently -6.81%.
Insiders Place Their Bets
In other news, Director Brian Gerald John Gray purchased 7,500 shares of the company's stock in a transaction on Wednesday, August 10th. The shares were purchased at an average cost of $130.62 per share, with a total value of $979,650.00. Following the completion of the transaction, the director now owns 23,621 shares of the company's stock, valued at approximately $3,085,375.02. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 1.70% of the company's stock.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on the stock. Morgan Stanley reduced their price target on shares of RenaissanceRe from $162.00 to $150.00 and set an "equal weight" rating for the company in a report on Friday, August 19th. Jefferies Financial Group cut shares of RenaissanceRe from a "buy" rating to a "hold" rating and reduced their price target for the company from $173.00 to $162.00 in a report on Tuesday, July 12th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $176.67.
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.
Further Reading
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