Prudential Financial Inc. raised its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.2% during the second quarter, Holdings Channel reports. The institutional investor owned 40,418 shares of the company’s stock after buying an additional 489 shares during the period. Prudential Financial Inc. owned about 0.10% of RenaissanceRe Holdings worth $4,747,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in RNR. Seven Eight Capital LLC acquired a new position in RenaissanceRe Holdings during the first quarter worth approximately $192,000. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of RenaissanceRe Holdings during the second quarter worth about $200,000. BTC Capital Management Inc. increased its stake in shares of RenaissanceRe Holdings by 8.8% in the second quarter. BTC Capital Management Inc. now owns 1,823 shares of the company’s stock worth $216,000 after buying an additional 148 shares during the last quarter. First Citizens Bank & Trust Co. increased its stake in shares of RenaissanceRe Holdings by 42.2% in the second quarter. First Citizens Bank & Trust Co. now owns 5,075 shares of the company’s stock worth $596,000 after buying an additional 1,506 shares during the last quarter. Finally, Evercore Wealth Management LLC increased its stake in shares of RenaissanceRe Holdings by 6.0% in the second quarter. Evercore Wealth Management LLC now owns 5,276 shares of the company’s stock worth $620,000 after buying an additional 300 shares during the last quarter. 94.78% of the stock is currently owned by institutional investors and hedge funds.
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at 123.78 on Friday. 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 $5.10 billion, a P/E ratio of 12.56 and a beta of 0.49. RenaissanceRe Holdings Ltd. has a 1-year low of $107.27 and a 1-year high of $124.44.
RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $1.55 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.92 by $0.37. RenaissanceRe Holdings had a net margin of 27.26% and a return on equity of 9.41%. The firm earned $483.30 million during the quarter, compared to the consensus estimate of $410.83 million. During the same quarter in the prior year, the firm posted $2.18 earnings per share. The company’s revenue was up 21.6% on a year-over-year basis. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post $7.44 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend was Tuesday, September 13th. RenaissanceRe Holdings’s dividend payout ratio is currently 12.50%.
A number of equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods increased their price objective on shares of RenaissanceRe Holdings from $130.00 to $134.00 and gave the stock a “market perform” rating in a research note on Thursday, July 28th. Citigroup Inc. reiterated a “neutral” rating on shares of RenaissanceRe Holdings in a research note on Tuesday, June 21st. Finally, Zacks Investment Research upgraded shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research note on Wednesday, June 29th. One investment analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The stock has an average rating of “Hold” and an average target price of $119.14.
In related news, CEO Kevin Odonnell sold 3,000 shares of the business’s stock in a transaction dated Tuesday, October 4th. The stock was 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 in the company, valued at approximately $31,973,757.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Rider Fonner Todd sold 1,500 shares of the business’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $117.20, for a total value of $175,800.00. Following the completion of the sale, the senior vice president now owns 68,253 shares in the company, valued at $7,999,251.60. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate 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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