UBS Asset Management Americas Inc. lowered its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 8.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 418,147 shares of the insurance provider’s stock after selling 37,573 shares during the period. UBS Asset Management Americas Inc.’s holdings in RenaissanceRe were worth $52,515,000 at the end of the most recent quarter.
Other institutional investors have also recently modified their holdings of the company. Cadence Capital Management LLC bought a new position in RenaissanceRe in the 3rd quarter worth $219,000. Toronto Dominion Bank boosted its holdings in RenaissanceRe by 241.0% in the 3rd quarter. Toronto Dominion Bank now owns 1,715 shares of the insurance provider’s stock worth $232,000 after buying an additional 1,212 shares during the period. Unison Advisors LLC bought a new position in RenaissanceRe in the 4th quarter worth $219,000. Lbmc Investment Advisors LLC bought a new position in RenaissanceRe in the 3rd quarter worth $245,000. Finally, Aureus Asset Management LLC bought a new position in RenaissanceRe in the 3rd quarter worth $270,000. 88.33% of the stock is owned by institutional investors.
In other RenaissanceRe news, SVP Sean G. Brosnan sold 1,391 shares of the stock in a transaction dated Monday, November 27th. The shares were sold at an average price of $135.73, for a total transaction of $188,800.43. Following the completion of the transaction, the senior vice president now owns 8,405 shares of the company’s stock, valued at approximately $1,140,810.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $131.65, for a total transaction of $658,250.00. Following the transaction, the chief executive officer now directly owns 190,707 shares of the company’s stock, valued at approximately $25,106,576.55. The disclosure for this sale can be found here. 1.80% of the stock is owned by corporate insiders.
Several brokerages recently weighed in on RNR. Citigroup set a $152.00 target price on shares of RenaissanceRe and gave the stock a “buy” rating in a report on Friday, February 9th. Zacks Investment Research raised shares of RenaissanceRe from a “sell” rating to a “hold” rating in a report on Tuesday, February 6th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $125.00 target price on shares of RenaissanceRe in a report on Wednesday, January 31st. UBS Group upped their target price on shares of RenaissanceRe from $135.00 to $144.00 and gave the stock a “neutral” rating in a report on Monday, November 6th. Finally, Morgan Stanley dropped their target price on shares of RenaissanceRe from $144.00 to $142.00 and set an “equal weight” rating for the company in a report on Thursday, November 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $145.88.
RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at $129.85 on Friday. RenaissanceRe Holdings Ltd. has a 1-year low of $116.50 and a 1-year high of $152.00. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.25.
RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $1.05 EPS for the quarter, beating the consensus estimate of $0.76 by $0.29. RenaissanceRe had a negative net margin of 10.57% and a negative return on equity of 7.68%. The business had revenue of $288.22 million during the quarter, compared to the consensus estimate of $227.65 million. During the same quarter in the prior year, the firm earned $2.66 EPS. The business’s revenue was up 31.3% on a year-over-year basis. equities analysts forecast that RenaissanceRe Holdings Ltd. will post 9.95 earnings per share for the current fiscal year.
RenaissanceRe declared that its board has approved a stock repurchase plan on Friday, November 10th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the insurance provider to reacquire shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.02%. The ex-dividend date is Wednesday, March 14th. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.32. RenaissanceRe’s dividend payout ratio is -20.16%.
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RenaissanceRe 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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