Alliancebernstein L.P. Sells 2,725 Shares of RenaissanceRe Holdings Ltd. $RNR

Alliancebernstein L.P. trimmed its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,872 shares of the insurance provider’s stock after selling 2,725 shares during the period. Alliancebernstein L.P. owned about 0.14% of RenaissanceRe worth $16,769,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of RNR. Advisors Asset Management Inc. grew its position in RenaissanceRe by 10.5% during the 1st quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock worth $106,000 after acquiring an additional 42 shares during the last quarter. Amundi grew its holdings in RenaissanceRe by 18.0% in the 1st quarter. Amundi now owns 6,924 shares of the insurance provider’s stock worth $1,699,000 after acquiring an additional 1,054 shares during the last quarter. DRW Securities LLC purchased a new position in shares of RenaissanceRe in the first quarter valued at about $325,000. Vident Advisory LLC increased its position in shares of RenaissanceRe by 53.4% in the first quarter. Vident Advisory LLC now owns 1,763 shares of the insurance provider’s stock valued at $423,000 after acquiring an additional 614 shares during the period. Finally, PEAK6 LLC raised its stake in shares of RenaissanceRe by 148.7% during the first quarter. PEAK6 LLC now owns 2,434 shares of the insurance provider’s stock valued at $584,000 after acquiring an additional 7,434 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RNR. Cantor Fitzgerald raised RenaissanceRe to a “hold” rating in a research note on Wednesday, August 13th. UBS Group lifted their price objective on RenaissanceRe from $250.00 to $265.00 and gave the stock a “neutral” rating in a research report on Monday, July 28th. Barclays upped their target price on RenaissanceRe from $256.00 to $273.00 and gave the company an “equal weight” rating in a report on Thursday, July 24th. Morgan Stanley dropped their price target on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating for the company in a research note on Monday, July 14th. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $282.09.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $244.57 on Friday. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The business has a fifty day simple moving average of $241.45 and a two-hundred day simple moving average of $241.43. The firm has a market capitalization of $11.51 billion, a P/E ratio of 6.25, a P/E/G ratio of 2.34 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, topping the consensus estimate of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the previous year, the company posted $12.41 earnings per share. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. On average, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is currently 4.09%.

RenaissanceRe Company Profile

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.