RNC Capital Management LLC Sells 433 Shares of RenaissanceRe Holdings Ltd. $RNR

RNC Capital Management LLC cut its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,978 shares of the insurance provider’s stock after selling 433 shares during the quarter. RNC Capital Management LLC’s holdings in RenaissanceRe were worth $3,395,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in RNR. Price T Rowe Associates Inc. MD raised its stake in RenaissanceRe by 37.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider’s stock valued at $599,049,000 after buying an additional 676,125 shares during the last quarter. Nuveen LLC purchased a new stake in RenaissanceRe during the 1st quarter valued at $54,087,000. Cooke & Bieler LP raised its stake in RenaissanceRe by 18.0% during the 1st quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider’s stock valued at $299,458,000 after buying an additional 190,139 shares during the last quarter. Great Lakes Advisors LLC raised its stake in RenaissanceRe by 49.3% during the 1st quarter. Great Lakes Advisors LLC now owns 326,480 shares of the insurance provider’s stock valued at $78,355,000 after buying an additional 107,745 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in RenaissanceRe by 15.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider’s stock valued at $183,175,000 after buying an additional 101,060 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on RNR shares. The Goldman Sachs Group assumed coverage on shares of RenaissanceRe in a research note on Tuesday, October 14th. They set a “sell” rating and a $256.00 target price for the company. Wells Fargo & Company upped their price objective on RenaissanceRe from $269.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 8th. Barclays set a $278.00 price objective on RenaissanceRe in a research note on Wednesday, October 8th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $303.00 price objective on shares of RenaissanceRe in a research note on Thursday, October 9th. Finally, Citigroup began coverage on RenaissanceRe in a research note on Wednesday, August 13th. They issued a “buy” rating and a $288.00 price objective for the company. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and a consensus target price of $283.08.

RenaissanceRe Trading Down 1.2%

Shares of RenaissanceRe stock opened at $242.24 on Thursday. The company has a market capitalization of $11.40 billion, a P/E ratio of 6.19, a P/E/G ratio of 2.06 and a beta of 0.27. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. The company has a fifty day moving average of $248.33 and a 200 day moving average of $243.76. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping the consensus estimate of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the prior year, the firm posted $12.41 EPS. RenaissanceRe’s quarterly revenue was down 2.4% compared to the same quarter last year. On average, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend was Monday, September 15th. RenaissanceRe’s dividend payout ratio is 4.09%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.