Principal Financial Group Inc. Has $26.54 Million Holdings in RenaissanceRe Holdings Ltd. $RNR

Principal Financial Group Inc. trimmed its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 104,497 shares of the insurance provider’s stock after selling 5,778 shares during the period. Principal Financial Group Inc. owned about 0.23% of RenaissanceRe worth $26,535,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in RenaissanceRe in the 2nd quarter valued at approximately $139,543,000. JPMorgan Chase & Co. lifted its position in shares of RenaissanceRe by 152.5% in the second quarter. JPMorgan Chase & Co. now owns 239,330 shares of the insurance provider’s stock worth $58,136,000 after purchasing an additional 144,547 shares in the last quarter. Impax Asset Management Group plc boosted its holdings in RenaissanceRe by 11.2% during the second quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock worth $295,494,000 after purchasing an additional 122,732 shares during the last quarter. Bank of America Corp DE grew its position in RenaissanceRe by 17.6% in the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after purchasing an additional 120,063 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in RenaissanceRe by 111.8% in the second quarter. Mackenzie Financial Corp now owns 167,420 shares of the insurance provider’s stock valued at $40,666,000 after purchasing an additional 88,367 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Trading Down 1.3%

RNR stock opened at $301.19 on Friday. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $310.80. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.43. The company’s 50-day simple moving average is $276.11 and its 200 day simple moving average is $259.06. The company has a market capitalization of $13.89 billion, a PE ratio of 5.31, a price-to-earnings-growth ratio of 0.76 and a beta of 0.24.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The business’s revenue for the quarter was up 29.6% on a year-over-year basis. During the same period in the prior year, the company posted $8.06 earnings per share. As a group, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on RNR shares. Zacks Research lowered RenaissanceRe from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Morgan Stanley reiterated an “overweight” rating and set a $310.00 price objective on shares of RenaissanceRe in a research note on Friday. Barclays increased their price objective on RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a report on Thursday, January 8th. Keefe, Bruyette & Woods boosted their target price on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “market perform” rating in a report on Tuesday, January 6th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $303.00 price target on shares of RenaissanceRe in a research report on Friday, December 5th. Five investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $303.33.

Insiders Place Their Bets

In other news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the transaction, the executive vice president directly owned 73,023 shares in the company, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is owned by corporate insiders.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.