Alps Advisors Inc. Decreases Stake in RenaissanceRe Holdings Ltd. $RNR

Alps Advisors Inc. reduced its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 97.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,840 shares of the insurance provider’s stock after selling 59,792 shares during the period. Alps Advisors Inc.’s holdings in RenaissanceRe were worth $467,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in RNR. Bessemer Group Inc. raised its stake in RenaissanceRe by 207.9% in the 3rd quarter. Bessemer Group Inc. now owns 3,590 shares of the insurance provider’s stock worth $912,000 after acquiring an additional 2,424 shares during the last quarter. Optimize Financial Inc increased its holdings in shares of RenaissanceRe by 25.0% in the third quarter. Optimize Financial Inc now owns 1,874 shares of the insurance provider’s stock valued at $476,000 after purchasing an additional 375 shares during the period. Savant Capital LLC acquired a new position in shares of RenaissanceRe in the third quarter valued at about $380,000. Anderson Financial Strategies LLC raised its stake in shares of RenaissanceRe by 9.8% in the third quarter. Anderson Financial Strategies LLC now owns 6,067 shares of the insurance provider’s stock worth $1,541,000 after purchasing an additional 540 shares during the last quarter. Finally, Hantz Financial Services Inc. raised its stake in shares of RenaissanceRe by 242.5% in the third quarter. Hantz Financial Services Inc. now owns 387 shares of the insurance provider’s stock worth $98,000 after purchasing an additional 274 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on RNR. Keefe, Bruyette & Woods boosted their target price 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. Mizuho lifted their price objective on RenaissanceRe from $277.00 to $313.00 and gave the company a “neutral” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. lifted their price objective on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Zacks Research downgraded RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Finally, UBS Group reaffirmed a “neutral” rating and set a $312.00 target price on shares of RenaissanceRe in a report on Monday. Four analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, RenaissanceRe presently has an average rating of “Hold” and a consensus target price of $309.27.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction on Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the sale, the executive vice president owned 73,023 shares of the company’s stock, valued at $22,326,782.25. The trade was a 6.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.30% of the stock is currently owned by company insiders.

RenaissanceRe Trading Down 3.1%

RNR stock opened at $301.21 on Friday. 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 $315.88. The stock has a market cap of $13.10 billion, a price-to-earnings ratio of 5.31, a PEG ratio of 0.76 and a beta of 0.24. The business’s 50-day moving average is $279.56 and its 200 day moving average is $261.10.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. The business had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The business’s revenue was up 29.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $8.06 earnings per share. On average, sell-side analysts anticipate 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 Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, March 13th. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s payout ratio is 2.82%.

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.