Securian Asset Management Inc. lessened its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) by 4.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,947 shares of the insurance provider’s stock after selling 175 shares during the quarter. Securian Asset Management Inc.’s holdings in RenaissanceRe were worth $626,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Koshinski Asset Management Inc. increased its holdings in RenaissanceRe by 41.8% in the first 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 last quarter. abrdn plc increased its holdings in shares of RenaissanceRe by 1.9% in the 4th quarter. abrdn plc now owns 6,295 shares of the insurance provider’s stock valued at $1,066,000 after acquiring an additional 120 shares during the last quarter. Parallel Advisors LLC raised its position in shares of RenaissanceRe by 125.8% during the 4th quarter. Parallel Advisors LLC now owns 219 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 122 shares in the last quarter. Baird Financial Group Inc. lifted its stake in RenaissanceRe by 3.2% during the fourth quarter. Baird Financial Group Inc. now owns 4,139 shares of the insurance provider’s stock worth $701,000 after purchasing an additional 127 shares during the last quarter. Finally, Toth Financial Advisory Corp boosted its holdings in RenaissanceRe by 121.8% in the fourth quarter. Toth Financial Advisory Corp now owns 264 shares of the insurance provider’s stock worth $45,000 after purchasing an additional 145 shares during the period. Institutional investors own 98.18% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on the stock. Wells Fargo & Company dropped their target price on shares of RenaissanceRe from $185.00 to $169.00 and set a “maintains” rating on the stock in a report on Wednesday. StockNews.com began coverage on shares of RenaissanceRe in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Morgan Stanley lowered their target price on RenaissanceRe from $175.00 to $162.00 and set an “equal weight” rating for the company in a report on Monday, May 23rd. Finally, Jefferies Financial Group downgraded RenaissanceRe from a “buy” rating to a “hold” rating and cut their price target for the stock 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 assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $177.75.
RenaissanceRe Trading Down 2.7 %
RenaissanceRe (NYSE:RNR – Get Rating) last issued its quarterly earnings data on Monday, July 25th. The insurance provider reported $5.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.11 by $0.40. RenaissanceRe had a positive return on equity of 3.75% and a negative net margin of 19.70%. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the firm posted $5.64 earnings per share. The business’s revenue was up 23.2% on a year-over-year basis. Sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 14.2 earnings per share for the current year.
RenaissanceRe Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Wednesday, June 15th were issued a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend was Tuesday, June 14th. RenaissanceRe’s dividend payout ratio (DPR) is -6.81%.
Insider Activity at RenaissanceRe
In related news, Director David C. Bushnell sold 600 shares of the stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $148.41, for a total value of $89,046.00. Following the completion of the transaction, the director now owns 19,914 shares in the company, valued at approximately $2,955,436.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.70% of the company’s stock.
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, 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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