PNC Financial Services Group Inc. Has $327,000 Position in RenaissanceRe Holdings Ltd. (RNR)

PNC Financial Services Group Inc. increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 16.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,352 shares of the insurance provider’s stock after buying an additional 333 shares during the quarter. PNC Financial Services Group Inc.’s holdings in RenaissanceRe Holdings were worth $327,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in RenaissanceRe Holdings by 5.5% during the first quarter. Vanguard Group Inc. now owns 3,981,921 shares of the insurance provider’s stock worth $575,984,000 after buying an additional 206,444 shares in the last quarter. TimesSquare Capital Management LLC lifted its position in RenaissanceRe Holdings by 6.7% during the second quarter. TimesSquare Capital Management LLC now owns 803,900 shares of the insurance provider’s stock worth $111,782,000 after buying an additional 50,400 shares in the last quarter. Wells Fargo & Company MN lifted its position in RenaissanceRe Holdings by 29.6% during the second quarter. Wells Fargo & Company MN now owns 768,954 shares of the insurance provider’s stock worth $106,923,000 after buying an additional 175,408 shares in the last quarter. Bank of New York Mellon Corp lifted its position in RenaissanceRe Holdings by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 647,774 shares of the insurance provider’s stock worth $90,073,000 after buying an additional 3,327 shares in the last quarter. Finally, Janus Capital Management LLC lifted its position in RenaissanceRe Holdings by 43.5% during the first quarter. Janus Capital Management LLC now owns 366,009 shares of the insurance provider’s stock worth $52,943,000 after buying an additional 110,891 shares in the last quarter. Hedge funds and other institutional investors own 91.67% of the company’s stock.

In other news, CEO Kevin Odonnell sold 38,344 shares of the firm’s stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the sale, the chief executive officer now owns 208,150 shares in the company, valued at $30,791,629.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Ross Curtis sold 5,300 shares of the firm’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total value of $785,619.00. Following the sale, the senior vice president now owns 98,564 shares in the company, valued at approximately $14,610,141.72. The disclosure for this sale can be found here. Insiders have sold 48,644 shares of company stock worth $7,132,297 in the last 90 days. Insiders own 1.80% of the company’s stock.

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Shares of RenaissanceRe Holdings Ltd. (NYSE RNR) opened at 139.49 on Friday. RenaissanceRe Holdings Ltd. has a 52-week low of $120.55 and a 52-week high of $152.00. The firm has a 50-day moving average price of $134.94 and a 200-day moving average price of $140.33. The stock has a market cap of $5.62 billion, a P/E ratio of 11.91 and a beta of 0.65.

RenaissanceRe Holdings (NYSE:RNR) last posted its quarterly earnings data on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business had revenue of $555.75 million for the quarter, compared to analysts’ expectations of $540.65 million. During the same quarter last year, the firm earned $1.55 earnings per share. The business’s revenue was up 6.9% on a year-over-year basis. On average, analysts anticipate that RenaissanceRe Holdings Ltd. will post ($5.29) EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.92%. The ex-dividend date was Thursday, September 14th. RenaissanceRe Holdings’s dividend payout ratio (DPR) is 10.90%.

RenaissanceRe Holdings declared that its Board of Directors has authorized a stock repurchase program on Wednesday, August 2nd that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the insurance provider to purchase up to 8.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

RNR has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $143.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, June 28th. Morgan Stanley reiterated an “equal weight” rating and set a $144.00 price objective (up previously from $138.00) on shares of RenaissanceRe Holdings in a research report on Friday, July 7th. Zacks Investment Research upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating and set a $158.00 price objective on the stock in a research report on Friday, July 7th. Wells Fargo & Company reiterated a “hold” rating and set a $140.00 price objective on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. Finally, ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. RenaissanceRe Holdings has an average rating of “Hold” and an average target price of $142.58.

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.

Institutional Ownership by Quarter for RenaissanceRe Holdings (NYSE:RNR)

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