Westpac Banking Corp increased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 40.2% during the second quarter, Holdings Channel reports. The institutional investor owned 2,219 shares of the company’s stock after buying an additional 636 shares during the period. Westpac Banking Corp’s holdings in RenaissanceRe Holdings were worth $261,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in RenaissanceRe Holdings by 2.5% in the second quarter. Vanguard Group Inc. now owns 3,524,571 shares of the company’s stock worth $413,926,000 after buying an additional 87,599 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of RenaissanceRe Holdings by 12.0% in the second quarter. Principal Financial Group Inc. now owns 160,727 shares of the company’s stock worth $18,876,000 after buying an additional 17,252 shares during the last quarter. Brown Advisory Inc. boosted its position in shares of RenaissanceRe Holdings by 3.0% in the second quarter. Brown Advisory Inc. now owns 4,415 shares of the company’s stock worth $519,000 after buying an additional 129 shares during the last quarter. Prudential Financial Inc. boosted its position in shares of RenaissanceRe Holdings by 1.2% in the second quarter. Prudential Financial Inc. now owns 40,418 shares of the company’s stock worth $4,747,000 after buying an additional 489 shares during the last quarter. Finally, Hancock Holding Co. boosted its position in shares of RenaissanceRe Holdings by 1.5% in the second quarter. Hancock Holding Co. now owns 7,473 shares of the company’s stock worth $878,000 after buying an additional 111 shares during the last quarter. 94.78% of the stock is currently owned by hedge funds and other institutional investors.
RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at 120.94 on Friday. RenaissanceRe Holdings Ltd. has a 52-week low of $107.27 and a 52-week high of $122.97. The firm has a market cap of $4.98 billion, a price-to-earnings ratio of 12.27 and a beta of 0.49. The stock has a 50 day moving average of $119.42 and a 200-day moving average of $116.54.
RenaissanceRe Holdings (NYSE:RNR) last announced its earnings results 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. The company earned $483.30 million during the quarter, compared to the consensus estimate of $410.83 million. RenaissanceRe Holdings had a net margin of 27.26% and a return on equity of 9.41%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.18 EPS. On average, analysts expect that RenaissanceRe Holdings Ltd. will post $7.44 EPS for the current 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 of this dividend was Tuesday, September 13th. This represents a $1.24 dividend on an annualized basis and a yield of 1.03%. RenaissanceRe Holdings’s dividend payout ratio is presently 12.50%.
A number of equities analysts have issued reports on RNR shares. Zacks Investment Research cut shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research report on Tuesday, July 5th. Keefe, Bruyette & Woods cut shares of RenaissanceRe Holdings from an “outperform” rating to a “market perform” rating in a research report on Monday, July 11th. Finally, Citigroup Inc. restated a “neutral” rating on shares of RenaissanceRe Holdings in a research report on Tuesday, June 21st. One research analyst has rated the stock with a sell rating and six have given a hold rating to the company’s stock. RenaissanceRe Holdings currently has a consensus rating of “Hold” and a consensus target price of $119.14.
In related news, SVP Rider Fonner Todd sold 1,500 shares of the stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $119.47, for a total value of $179,205.00. Following the completion of the transaction, the senior vice president now owns 66,753 shares in the company, valued at approximately $7,974,980.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kevin Odonnell sold 3,000 shares of the stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $116.97, for a total transaction of $350,910.00. Following the completion of the transaction, the chief executive officer now owns 273,944 shares of the company’s stock, valued at approximately $32,043,229.68. The disclosure for this sale can be found here. 2.40% of the stock is currently 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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