Insider Selling: RenaissanceRe (NYSE:RNR) EVP Sells $1,528,750.00 in Stock

RenaissanceRe Holdings Ltd. (NYSE:RNR) 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 owned 73,023 shares in the company, valued at approximately $22,326,782.25. This trade represents a 6.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $301.19 on Monday. The company has a 50 day simple moving average of $276.11 and a two-hundred day simple moving average of $259.36. The stock has a market cap of $13.89 billion, a price-to-earnings ratio of 5.31, a PEG ratio of 0.74 and a beta of 0.24. The company has a current ratio of 1.43, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $310.80.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.59 by $2.75. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the company posted $8.06 earnings per share. The firm’s revenue was up 29.6% compared to the same quarter last year. As a group, analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

Institutional Trading of RenaissanceRe

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Lightrock Netherlands B.V. boosted its holdings in RenaissanceRe by 4,690.1% in the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after buying an additional 996,266 shares during the last quarter. Norges Bank acquired a new stake in shares of RenaissanceRe in the second quarter worth approximately $139,543,000. M&T Bank Corp increased its position in shares of RenaissanceRe by 8,296.5% during the fourth quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock worth $81,635,000 after purchasing an additional 286,894 shares in the last quarter. AQR Capital Management LLC raised its stake in RenaissanceRe by 154.5% in the 3rd quarter. AQR Capital Management LLC now owns 397,027 shares of the insurance provider’s stock valued at $99,769,000 after purchasing an additional 241,001 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in RenaissanceRe by 347.6% in the 3rd quarter. Millennium Management LLC now owns 236,919 shares of the insurance provider’s stock valued at $60,161,000 after purchasing an additional 183,988 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on RNR shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a report on Monday, December 29th. Zacks Research lowered RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. Evercore lifted their target price on shares of RenaissanceRe from $283.00 to $291.00 and gave the company an “in-line” rating in a report on Wednesday, February 4th. BMO Capital Markets reissued an “outperform” rating and set a $303.00 price target on shares of RenaissanceRe in a report on Friday, December 5th. Finally, Cantor Fitzgerald lifted their price objective on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Five investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average target price of $303.33.

About RenaissanceRe

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.