JPMorgan Chase & Co. Trims Stock Holdings in RenaissanceRe Holdings Ltd. $RNR

JPMorgan Chase & Co. lowered its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 34.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 157,208 shares of the insurance provider’s stock after selling 82,122 shares during the period. JPMorgan Chase & Co. owned approximately 0.34% of RenaissanceRe worth $39,923,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Norges Bank purchased a new position in RenaissanceRe in the 2nd quarter valued at approximately $139,543,000. AQR Capital Management LLC lifted its position in shares of RenaissanceRe by 154.5% during the third quarter. AQR Capital Management LLC now owns 397,027 shares of the insurance provider’s stock worth $99,769,000 after acquiring an additional 241,001 shares in the last quarter. Millennium Management LLC lifted its position in shares of RenaissanceRe by 347.6% during the third quarter. Millennium Management LLC now owns 236,919 shares of the insurance provider’s stock worth $60,161,000 after acquiring an additional 183,988 shares in the last quarter. Two Sigma Investments LP boosted its holdings in shares of RenaissanceRe by 330.0% in the third quarter. Two Sigma Investments LP now owns 174,368 shares of the insurance provider’s stock worth $44,277,000 after acquiring an additional 133,820 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of RenaissanceRe by 17.6% in the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after acquiring an additional 120,063 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RNR has been the topic of a number of analyst reports. Evercore boosted their price objective on RenaissanceRe from $283.00 to $291.00 and gave the company an “in-line” rating in a research note on Wednesday, February 4th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $267.00 target price on shares of RenaissanceRe in a report on Wednesday, January 7th. BMO Capital Markets reiterated an “outperform” rating and set a $303.00 price target on shares of RenaissanceRe in a research report on Friday, December 5th. Barclays increased their price target on shares of RenaissanceRe from $278.00 to $304.00 and gave the stock an “equal weight” rating in a report on Thursday, January 8th. Finally, UBS Group reaffirmed a “neutral” rating and set a $312.00 price objective on shares of RenaissanceRe in a research note on Monday, February 9th. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, RenaissanceRe presently has an average rating of “Hold” and a consensus target price of $310.27.

Insiders Place Their Bets

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

RenaissanceRe Price Performance

RenaissanceRe stock opened at $290.94 on Friday. The stock has a market cap of $12.55 billion, a price-to-earnings ratio of 5.13, a PEG ratio of 0.68 and a beta of 0.21. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The business has a 50-day simple moving average of $290.95 and a 200 day simple moving average of $270.92. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $315.88.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating the consensus estimate of $10.59 by $2.75. The firm had revenue of $2.97 billion for 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 company’s revenue was up 29.6% compared to the same quarter last year. During the same quarter last year, the firm posted $8.06 EPS. On average, research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.41 dividend. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend is Friday, March 13th. RenaissanceRe’s payout ratio is 2.89%.

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.