PGGM Investments lowered its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 45.6% during the second quarter, Holdings Channel reports. The firm owned 35,063 shares of the company’s stock after selling 29,384 shares during the period. PGGM Investments’ holdings in RenaissanceRe Holdings were worth $4,118,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the stock. Nuveen Asset Management LLC increased its position in RenaissanceRe Holdings by 0.6% in the first quarter. Nuveen Asset Management LLC now owns 16,595 shares of the company’s stock valued at $1,989,000 after buying an additional 100 shares during the period. Hancock Holding Co. increased its position in RenaissanceRe Holdings by 3.9% in the first quarter. Hancock Holding Co. now owns 7,362 shares of the company’s stock valued at $882,000 after buying an additional 278 shares during the period. Riverhead Capital Management LLC increased its position in RenaissanceRe Holdings by 3.7% in the first quarter. Riverhead Capital Management LLC now owns 10,368 shares of the company’s stock valued at $1,242,000 after buying an additional 368 shares during the period. State of Alaska Department of Revenue increased its position in RenaissanceRe Holdings by 6.9% in the second quarter. State of Alaska Department of Revenue now owns 6,965 shares of the company’s stock valued at $817,000 after buying an additional 449 shares during the period. Finally, Seven Bridges Advisors LLC increased its position in RenaissanceRe Holdings by 6.4% in the second quarter. Seven Bridges Advisors LLC now owns 9,261 shares of the company’s stock valued at $1,088,000 after buying an additional 558 shares during the period. Hedge funds and other institutional investors own 94.78% of the company’s stock.
RenaissanceRe Holdings Ltd. (NYSE:RNR) traded down 0.28% during midday trading on Monday, reaching $119.82. The company’s stock had a trading volume of 179,939 shares. The stock’s 50 day moving average is $119.06 and its 200 day moving average is $116.42. RenaissanceRe Holdings Ltd. has a 12-month low of $106.72 and a 12-month high of $122.97. The stock has a market cap of $4.94 billion, a P/E ratio of 12.15 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 EPS for the quarter, missing the consensus estimate of $1.92 by $0.37. The firm had revenue of $483.30 million for the quarter, compared to analyst estimates of $410.83 million. RenaissanceRe Holdings had a return on equity of 9.41% and a net margin of 27.26%. The company’s quarterly revenue was up 21.6% on a year-over-year basis. During the same period last year, the firm earned $2.18 EPS. Analysts anticipate that RenaissanceRe Holdings Ltd. will post $7.36 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 15th were issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a dividend yield of 1.03%. The ex-dividend date of this dividend was Tuesday, September 13th. RenaissanceRe Holdings’s payout ratio is currently 12.50%.
Several research firms have recently issued reports on RNR. Keefe, Bruyette & Woods upped their price objective on shares of RenaissanceRe Holdings from $130.00 to $134.00 and gave the company a “market perform” rating in a report on Thursday, July 28th. Citigroup Inc. reiterated a “neutral” rating on shares of RenaissanceRe Holdings in a report on Tuesday, June 21st. Finally, Zacks Investment Research downgraded shares of RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 14th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $119.14.
In other news, SVP Rider Fonner Todd sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $117.20, for a total value of $175,800.00. Following the transaction, the senior vice president now owns 68,253 shares of the company’s stock, valued at $7,999,251.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Kevin Odonnell sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $120.28, for a total value of $360,840.00. Following the completion of the transaction, the chief executive officer now directly owns 270,944 shares in the company, valued at approximately $32,589,144.32. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.
RenaissanceRe Holdings Company Profile
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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