Legal & General Group Plc Cuts Stake in RenaissanceRe Holdings Ltd. $RNR

Legal & General Group Plc cut its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 7.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 164,211 shares of the insurance provider’s stock after selling 13,562 shares during the quarter. Legal & General Group Plc’s holdings in RenaissanceRe were worth $39,887,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in shares of RenaissanceRe by 37.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider’s stock worth $599,049,000 after acquiring an additional 676,125 shares during the period. Boston Partners grew its stake in RenaissanceRe by 4.6% during the 1st quarter. Boston Partners now owns 2,106,207 shares of the insurance provider’s stock worth $505,509,000 after purchasing an additional 92,825 shares in the last quarter. Impax Asset Management Group plc increased its holdings in RenaissanceRe by 11.2% during the 2nd quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock worth $295,494,000 after purchasing an additional 122,732 shares during the period. Dimensional Fund Advisors LP raised its position in RenaissanceRe by 15.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider’s stock valued at $183,175,000 after purchasing an additional 101,060 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its stake in shares of RenaissanceRe by 15.2% in the 1st quarter. Lord Abbett & CO. LLC now owns 466,823 shares of the insurance provider’s stock valued at $112,038,000 after buying an additional 61,465 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Down 0.2%

RNR stock opened at $261.16 on Thursday. The company has a current ratio of 1.40, a quick ratio of 1.36 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $290.78. The company’s 50 day moving average is $255.86 and its two-hundred day moving average is $247.24. The stock has a market cap of $12.04 billion, a P/E ratio of 7.26, a PEG ratio of 2.08 and a beta of 0.25.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The business had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the prior year, the business posted $10.23 EPS. The company’s revenue for the quarter was down 4.8% on a year-over-year basis. Research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.45%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Evercore ISI set a $244.00 target price on shares of RenaissanceRe and gave the stock an “in-line” rating in a research note on Wednesday, October 1st. Wolfe Research assumed coverage on shares of RenaissanceRe in a report on Monday, September 15th. They set a “peer perform” rating for the company. Morgan Stanley increased their price objective on shares of RenaissanceRe from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Monday, November 17th. Wells Fargo & Company raised their price objective on shares of RenaissanceRe from $278.00 to $285.00 and gave the company an “equal weight” rating in a report on Thursday, October 30th. Finally, UBS Group boosted their target price on shares of RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. Four analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, RenaissanceRe has a consensus rating of “Hold” and an average price target of $284.50.

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.