Citigroup Inc. Decreases Stake in RenaissanceRe Holdings Ltd. $RNR

Citigroup Inc. trimmed its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 57.4% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 9,998 shares of the insurance provider’s stock after selling 13,476 shares during the quarter. Citigroup Inc.’s holdings in RenaissanceRe were worth $2,539,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Exchange Traded Concepts LLC lifted its holdings in shares of RenaissanceRe by 1.2% during the 3rd quarter. Exchange Traded Concepts LLC now owns 3,355 shares of the insurance provider’s stock valued at $852,000 after buying an additional 40 shares during the period. AMG National Trust Bank increased its position in RenaissanceRe by 0.7% during the third quarter. AMG National Trust Bank now owns 5,787 shares of the insurance provider’s stock valued at $1,469,000 after acquiring an additional 40 shares during the last quarter. Benedict Financial Advisors Inc. increased its position in RenaissanceRe by 0.3% during the second quarter. Benedict Financial Advisors Inc. now owns 12,577 shares of the insurance provider’s stock valued at $3,055,000 after acquiring an additional 42 shares during the last quarter. Miracle Mile Advisors LLC lifted its holdings in RenaissanceRe by 3.8% in the third quarter. Miracle Mile Advisors LLC now owns 1,257 shares of the insurance provider’s stock valued at $319,000 after acquiring an additional 46 shares during the period. Finally, Huntington National Bank lifted its holdings in RenaissanceRe by 80.9% in the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 55 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $298.89 on Friday. The firm has a fifty day moving average price of $287.77 and a 200-day moving average price of $267.36. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a market cap of $13.00 billion, a PE ratio of 5.27, a price-to-earnings-growth ratio of 0.69 and a beta of 0.21. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $315.88.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. The firm had revenue of $2.97 billion during the quarter, compared to analyst estimates of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. RenaissanceRe’s revenue for the quarter was up 29.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $8.06 earnings per share. Equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, March 13th. RenaissanceRe’s payout ratio is presently 2.82%.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.30% of the company’s stock.

Analyst Upgrades and Downgrades

RNR has been the subject of several research reports. Keefe, Bruyette & Woods upped their price target on shares of RenaissanceRe from $314.00 to $323.00 and gave the company a “market perform” rating in a research report on Monday, February 9th. JPMorgan Chase & Co. boosted their target price on shares of RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research report on Wednesday, January 7th. Morgan Stanley cut shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 target price for the company. in a report on Thursday, February 26th. Mizuho increased their price target on shares of RenaissanceRe from $277.00 to $313.00 and gave the stock a “neutral” rating in a research report on Friday, February 6th. Finally, TD Cowen lifted their price target on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a research note on Thursday, February 26th. Three research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, RenaissanceRe has a consensus rating of “Hold” and an average target price of $310.27.

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.