Cooke & Bieler LP increased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 15.4% during the second quarter, Holdings Channel reports. The firm owned 1,120,151 shares of the company’s stock after buying an additional 149,369 shares during the period. RenaissanceRe Holdings comprises about 2.9% of Cooke & Bieler LP’s investment portfolio, making the stock its largest position. Cooke & Bieler LP’s holdings in RenaissanceRe Holdings were worth $131,551,000 as of its most recent filing with the SEC.
Other large investors also recently added to or reduced their stakes in the company. Hancock Holding Co. increased its stake in RenaissanceRe Holdings by 3.9% in the first quarter. Hancock Holding Co. now owns 7,362 shares of the company’s stock worth $882,000 after buying an additional 278 shares during the period. Geode Capital Management LLC increased its stake in RenaissanceRe Holdings by 1.9% in the first quarter. Geode Capital Management LLC now owns 305,033 shares of the company’s stock worth $36,533,000 after buying an additional 5,588 shares during the period. Goldman Sachs Group Inc. increased its stake in RenaissanceRe Holdings by 93.3% in the first quarter. Goldman Sachs Group Inc. now owns 552,128 shares of the company’s stock worth $66,162,000 after buying an additional 266,468 shares during the period. Riverhead Capital Management LLC increased its stake in RenaissanceRe Holdings by 3.7% in the first quarter. Riverhead Capital Management LLC now owns 10,368 shares of the company’s stock worth $1,242,000 after buying an additional 368 shares during the period. Finally, Pictet Asset Management Ltd. increased its stake in RenaissanceRe Holdings by 2.5% in the first quarter. Pictet Asset Management Ltd. now owns 74,187 shares of the company’s stock worth $8,398,000 after buying an additional 1,800 shares during the period. 94.74% of the stock is currently owned by institutional investors and hedge funds.
RenaissanceRe Holdings Ltd. (NYSE:RNR) traded down 0.26% on Monday, reaching $123.46. 241,966 shares of the company’s stock traded hands. RenaissanceRe Holdings Ltd. has a 52 week low of $107.27 and a 52 week high of $124.44. The stock has a 50-day moving average of $120.24 and a 200 day moving average of $116.74. The firm has a market capitalization of $5.09 billion, a P/E ratio of 12.52 and a beta of 0.49.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings results on Tuesday, July 26th. The company reported $1.55 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.92 by $0.37. RenaissanceRe Holdings had a return on equity of 9.41% and a net margin of 27.26%. The firm had revenue of $483.30 million for the quarter, compared to analyst estimates of $410.83 million. During the same period in the prior year, the business earned $2.18 earnings per share. RenaissanceRe Holdings’s revenue for the quarter was up 21.6% on a year-over-year basis. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post $7.44 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were given a $0.31 dividend. The ex-dividend date was Tuesday, September 13th. This represents a $1.24 annualized dividend and a dividend yield of 1.00%. RenaissanceRe Holdings’s dividend payout ratio is presently 12.50%.
A number of research firms have recently issued reports on RNR. Zacks Investment Research raised shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research note on Friday, October 7th. Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe Holdings from $130.00 to $134.00 and gave the company a “market perform” rating in a research note on Thursday, July 28th. Finally, Citigroup Inc. reaffirmed a “neutral” rating on shares of RenaissanceRe Holdings in a research note on Tuesday, June 21st. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. RenaissanceRe Holdings currently has an average rating of “Hold” and a consensus price target of $119.14.
In related news, CEO Kevin Odonnell sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 4th. The shares were sold at an average price of $119.33, for a total value of $357,990.00. Following the sale, the chief executive officer now directly owns 267,944 shares of the company’s stock, valued at $31,973,757.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Ian D. Branagan sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 4th. The stock was sold at an average price of $117.32, for a total transaction of $234,640.00. Following the completion of the sale, the senior vice president now directly owns 55,589 shares in the company, valued at $6,521,701.48. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by corporate insiders.
About RenaissanceRe Holdings
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services. The Company’s core products include property catastrophe reinsurance and specialty reinsurance risks. The Company’s segments include Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s. Catastrophe Reinsurance includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit.
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