Ensign Peak Advisors Inc Lowers Stake in RenaissanceRe Holdings Ltd. $RNR

Ensign Peak Advisors Inc cut its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 7.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,712 shares of the insurance provider’s stock after selling 1,250 shares during the quarter. Ensign Peak Advisors Inc’s holdings in RenaissanceRe were worth $3,574,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of RNR. Universal Beteiligungs und Servicegesellschaft mbH increased its position in RenaissanceRe by 13.8% during the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 6,897 shares of the insurance provider’s stock worth $1,655,000 after purchasing an additional 838 shares in the last quarter. AE Wealth Management LLC purchased a new stake in RenaissanceRe during the first quarter worth approximately $256,000. Avantax Advisory Services Inc. increased its position in shares of RenaissanceRe by 7.7% in the first quarter. Avantax Advisory Services Inc. now owns 2,589 shares of the insurance provider’s stock worth $621,000 after acquiring an additional 185 shares in the last quarter. Cetera Investment Advisers raised its stake in shares of RenaissanceRe by 4.0% in the 1st quarter. Cetera Investment Advisers now owns 4,420 shares of the insurance provider’s stock valued at $1,061,000 after acquiring an additional 171 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of RenaissanceRe by 0.7% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,518 shares of the insurance provider’s stock valued at $3,244,000 after acquiring an additional 100 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RNR shares. Wolfe Research started coverage on shares of RenaissanceRe in a research report on Monday, September 15th. They set a “peer perform” rating for the company. Citigroup initiated coverage on RenaissanceRe in a research report on Wednesday, August 13th. They issued a “buy” rating and a $288.00 target price for the company. Morgan Stanley raised their target price on RenaissanceRe from $280.00 to $290.00 and gave the company an “overweight” rating in a report on Monday, November 17th. Barclays set a $278.00 price target on RenaissanceRe in a report on Wednesday, October 8th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of RenaissanceRe in a research report on Friday, October 31st. Four investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $284.50.

RenaissanceRe Trading Up 2.8%

Shares of RNR opened at $262.10 on Wednesday. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $290.78. The stock has a 50-day moving average price of $255.46 and a 200 day moving average price of $247.14. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.36 and a current ratio of 1.40. The company has a market capitalization of $12.09 billion, a P/E ratio of 7.28, a P/E/G ratio of 2.08 and a beta of 0.25.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.49 by $6.13. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.RenaissanceRe’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the previous year, the business earned $10.23 EPS. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.60 annualized dividend and a yield of 0.6%. RenaissanceRe’s dividend payout ratio is currently 4.45%.

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.