Raymond James & Associates Lowers Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Posted by Defense World Staff on May 23rd, 2023

Raymond James & Associates decreased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) by 9.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,135 shares of the insurance provider’s stock after selling 2,989 shares during the period. Raymond James & Associates owned approximately 0.06% of RenaissanceRe worth $5,183,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of RenaissanceRe by 0.3% in the third quarter. Vanguard Group Inc. now owns 4,518,448 shares of the insurance provider’s stock worth $634,345,000 after buying an additional 11,838 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of RenaissanceRe by 10.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 3,687,321 shares of the insurance provider’s stock worth $517,664,000 after buying an additional 352,164 shares during the period. Capital World Investors increased 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 worth $404,270,000 after buying an additional 129,891 shares during the period. Boston Partners increased its holdings in shares of RenaissanceRe by 10.5% in the fourth quarter. Boston Partners now owns 1,837,088 shares of the insurance provider’s stock worth $339,086,000 after buying an additional 174,682 shares during the period. Finally, Cooke & Bieler LP increased its holdings in shares of RenaissanceRe by 10.8% in the third quarter. Cooke & Bieler LP now owns 863,937 shares of the insurance provider’s stock worth $121,288,000 after buying an additional 84,515 shares during the period. Hedge funds and other institutional investors own 95.52% of the company’s stock.

RenaissanceRe Stock Performance

RenaissanceRe stock opened at $189.03 on Tuesday. The stock’s 50 day simple moving average is $202.84 and its two-hundred day simple moving average is $197.40. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.31 and a current ratio of 1.31. The stock has a market cap of $8.30 billion, a price-to-earnings ratio of -52.22 and a beta of 0.43. RenaissanceRe Holdings Ltd. has a fifty-two week low of $124.18 and a fifty-two week high of $223.80.

RenaissanceRe (NYSE:RNR – Get Rating) last posted its quarterly earnings data on Tuesday, May 2nd. The insurance provider reported $8.16 earnings per share for the quarter, beating the consensus estimate of $7.34 by $0.82. The business had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.40 billion. RenaissanceRe had a positive return on equity of 11.89% and a negative net margin of 1.61%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the firm posted $3.50 EPS. As a group, analysts expect that RenaissanceRe Holdings Ltd. will post 23.94 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be given a dividend of $0.38 per share. The ex-dividend date is Wednesday, June 14th. This represents a $1.52 annualized dividend and a yield of 0.80%. RenaissanceRe’s payout ratio is -41.99%.

Analysts Set New Price Targets

Several research analysts have recently commented on RNR shares. Jefferies Financial Group lifted their price objective on RenaissanceRe from $215.00 to $221.00 and gave the stock a “hold” rating in a report on Monday, April 10th. StockNews.com started coverage on RenaissanceRe in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Wells Fargo & Company raised their target price on RenaissanceRe from $245.00 to $256.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 5th. TheStreet raised RenaissanceRe from a “c+” rating to a “b” rating in a research note on Tuesday, January 31st. Finally, JPMorgan Chase & Co. raised their target price on RenaissanceRe from $170.00 to $175.00 and gave the stock an “underweight” rating in a research note on Friday, March 31st. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $206.80.

RenaissanceRe Profile

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RenaissanceRe Holdings Ltd. engages in the provision of reinsurance and insurance services. It operates through the following business segments: Property, Casualty and Specialty, and Other. The Property segment focuses on catastrophe, and other property reinsurance and insurance. The Casualty and Specialty segment deals with casualty and specialty reinsurance, and insurance.