Comerica Bank cut its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) by 2.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,480 shares of the insurance provider’s stock after selling 608 shares during the quarter. Comerica Bank’s holdings in RenaissanceRe were worth $2,913,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in RNR. Price T Rowe Associates Inc. MD lifted its position in RenaissanceRe by 6.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 3,335,157 shares of the insurance provider’s stock valued at $521,519,000 after acquiring an additional 207,214 shares in the last quarter. State Street Corp raised its stake in RenaissanceRe by 6.2% during the 2nd quarter. State Street Corp now owns 2,426,536 shares of the insurance provider’s stock valued at $379,437,000 after buying an additional 141,315 shares during the last quarter. Capital World Investors raised its stake in RenaissanceRe by 5.4% during the 1st 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 last quarter. Philo Smith Capital Corp purchased a new stake in RenaissanceRe during the 2nd quarter valued at $19,432,000. Finally, Jennison Associates LLC raised its stake in RenaissanceRe by 25.3% during the 2nd quarter. Jennison Associates LLC now owns 539,001 shares of the insurance provider’s stock valued at $84,284,000 after buying an additional 108,998 shares during the last quarter. 95.52% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other RenaissanceRe news, SVP Sean G. Brosnan sold 850 shares of the stock in a transaction on Tuesday, November 29th. The stock was sold at an average price of $187.74, for a total value of $159,579.00. Following the completion of the sale, the senior vice president now owns 19,038 shares in the company, valued at approximately $3,574,194.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is currently owned by company insiders.
RenaissanceRe Trading Up 1.6 %
RenaissanceRe (NYSE:RNR – Get Rating) last posted its quarterly earnings data on Tuesday, November 1st. The insurance provider reported ($9.27) EPS for the quarter, missing the consensus estimate of ($7.42) by ($1.85). The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.70 billion. RenaissanceRe had a positive return on equity of 4.76% and a negative net margin of 29.35%. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 5.38 EPS for the current year.
RenaissanceRe Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, December 30th. Shareholders of record on Thursday, December 15th were paid a $0.37 dividend. The ex-dividend date of this dividend was Wednesday, December 14th. This represents a $1.48 dividend on an annualized basis and a yield of 0.75%. RenaissanceRe’s payout ratio is presently -4.74%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the stock. StockNews.com upgraded shares of RenaissanceRe from a “sell” rating to a “hold” rating in a research note on Tuesday, January 10th. Wells Fargo & Company boosted their target price on shares of RenaissanceRe from $184.00 to $200.00 and gave the company an “overweight” rating in a research note on Tuesday, November 29th. Finally, Morgan Stanley boosted their target price on shares of RenaissanceRe from $150.00 to $195.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 22nd. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $185.67.
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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