Truist Financial Corp Sells 75 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Truist Financial Corp reduced its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,047 shares of the insurance provider’s stock after selling 75 shares during the quarter. Truist Financial Corp’s holdings in RenaissanceRe were worth $1,007,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RNR. CIBC Asset Management Inc lifted its stake in shares of RenaissanceRe by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,610 shares of the insurance provider’s stock valued at $401,000 after purchasing an additional 80 shares during the period. Principal Securities Inc. lifted its stake in shares of RenaissanceRe by 11.9% in the 4th quarter. Principal Securities Inc. now owns 565 shares of the insurance provider’s stock valued at $141,000 after purchasing an additional 60 shares during the period. Autumn Glory Partners LLC lifted its stake in shares of RenaissanceRe by 100.0% in the 4th quarter. Autumn Glory Partners LLC now owns 2,000 shares of the insurance provider’s stock valued at $498,000 after purchasing an additional 1,000 shares during the period. Lightrock Netherlands B.V. purchased a new position in shares of RenaissanceRe in the 4th quarter valued at approximately $4,607,000. Finally, Benedict Financial Advisors Inc. lifted its stake in shares of RenaissanceRe by 0.7% in the 4th quarter. Benedict Financial Advisors Inc. now owns 12,603 shares of the insurance provider’s stock valued at $3,136,000 after purchasing an additional 86 shares during the period. 99.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the sale, the executive vice president now owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

RenaissanceRe Stock Up 1.7 %

RenaissanceRe stock opened at $237.63 on Friday. The firm has a market cap of $11.70 billion, a price-to-earnings ratio of 6.79, a PEG ratio of 2.09 and a beta of 0.43. The stock has a fifty day simple moving average of $244.00 and a two-hundred day simple moving average of $257.93. RenaissanceRe Holdings Ltd. has a 12 month low of $208.98 and a 12 month high of $300.00. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. Equities analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.40 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.60 annualized dividend and a dividend yield of 0.67%. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s payout ratio is presently 4.57%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Evercore ISI raised their target price on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. Jefferies Financial Group reiterated a “hold” rating and set a $282.00 price objective (down previously from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a research note on Friday, January 3rd. Wells Fargo & Company lowered their price objective on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Finally, Keefe, Bruyette & Woods lowered their price objective on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a research note on Tuesday, February 4th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, RenaissanceRe has an average rating of “Hold” and a consensus price target of $279.90.

About RenaissanceRe

RenaissanceRe Holdings Ltd., together with its subsidiaries, 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 reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as 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.