Rockefeller Financial Services Inc. continued to hold its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,900 shares of the insurance provider’s stock at the end of the second quarter. Rockefeller Financial Services Inc.’s holdings in RenaissanceRe Holdings were worth $1,794,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in RNR. Quadrant Capital Group LLC increased its stake in shares of RenaissanceRe Holdings by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 826 shares of the insurance provider’s stock valued at $114,000 after buying an additional 58 shares in the last quarter. Macquarie Group Ltd. increased its stake in shares of RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock valued at $193,000 after buying an additional 314 shares in the last quarter. Neuburgh Advisers LLC increased its stake in shares of RenaissanceRe Holdings by 4.6% in the first quarter. Neuburgh Advisers LLC now owns 1,456 shares of the insurance provider’s stock valued at $211,000 after buying an additional 64 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in shares of RenaissanceRe Holdings during the first quarter valued at about $231,000. Finally, Lbmc Investment Advisors LLC acquired a new stake in shares of RenaissanceRe Holdings during the first quarter valued at about $253,000. 92.92% of the stock is owned by hedge funds and other institutional investors.
RenaissanceRe Holdings Ltd. (NYSE:RNR) traded up 0.40% during midday trading on Wednesday, hitting $141.68. The stock had a trading volume of 33,585 shares. The firm has a market cap of $5.76 billion, a P/E ratio of 13.20 and a beta of 0.64. RenaissanceRe Holdings Ltd. has a 52 week low of $115.13 and a 52 week high of $150.74. The stock has a 50-day moving average of $141.14 and a 200-day moving average of $141.73.
RenaissanceRe Holdings announced that its board has initiated a stock repurchase program on Wednesday, May 17th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to buy up to 99% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Thursday, June 15th were issued a $0.32 dividend. The ex-dividend date was Tuesday, June 13th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.91%. RenaissanceRe Holdings’s dividend payout ratio (DPR) is 11.94%.
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Several equities research analysts recently issued reports on the company. Zacks Investment Research downgraded RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research note on Tuesday, March 28th. BidaskClub downgraded RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $143.00 price target on shares of RenaissanceRe Holdings in a research note on Wednesday, June 28th. ValuEngine raised RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Citigroup Inc. raised their price target on RenaissanceRe Holdings from $150.00 to $157.00 and gave the stock a “neutral” rating in a research note on Friday, April 7th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $143.13.
In other news, CEO Kevin Odonnell sold 7,000 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $141.64, for a total value of $991,480.00. Following the sale, the chief executive officer now directly owns 222,854 shares in the company, valued at $31,565,040.56. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Stephen Howard Weinstein sold 14,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $143.19, for a total value of $2,004,660.00. Following the completion of the sale, the senior vice president now owns 75,162 shares in the company, valued at $10,762,446.78. The disclosure for this sale can be found here. Insiders own 1.80% of the company’s stock.
RenaissanceRe Holdings Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
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