Mutual of America Capital Management LLC Decreases Stake in RenaissanceRe Holdings Ltd. $RNR

Mutual of America Capital Management LLC reduced its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 4.6% during the second quarter, Holdings Channel.com reports. The firm owned 24,194 shares of the insurance provider’s stock after selling 1,156 shares during the period. Mutual of America Capital Management LLC’s holdings in RenaissanceRe were worth $5,877,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Amundi grew its position in shares of RenaissanceRe by 18.0% in the 1st quarter. Amundi now owns 6,924 shares of the insurance provider’s stock worth $1,699,000 after buying an additional 1,054 shares during the last quarter. Yorktown Management & Research Co Inc bought a new stake in shares of RenaissanceRe in the 1st quarter worth approximately $348,000. Nisa Investment Advisors LLC grew its position in shares of RenaissanceRe by 128.4% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,142 shares of the insurance provider’s stock worth $274,000 after buying an additional 642 shares during the last quarter. Bridges Investment Management Inc. grew its position in shares of RenaissanceRe by 21.9% in the 1st quarter. Bridges Investment Management Inc. now owns 6,020 shares of the insurance provider’s stock worth $1,445,000 after buying an additional 1,080 shares during the last quarter. Finally, Jane Street Group LLC grew its position in shares of RenaissanceRe by 1,180.7% in the 1st quarter. Jane Street Group LLC now owns 74,217 shares of the insurance provider’s stock worth $17,812,000 after buying an additional 68,422 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Trading Down 1.3%

NYSE RNR opened at $245.45 on Wednesday. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $300.00. The firm has a market capitalization of $11.55 billion, a PE ratio of 6.27, a P/E/G ratio of 2.09 and a beta of 0.27. The stock’s 50 day moving average is $248.36 and its 200 day moving average is $243.77.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, beating the consensus estimate of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same period in the previous year, the company posted $12.41 earnings per share. The firm’s revenue was down 2.4% on a year-over-year basis. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on RNR shares. Cowen reiterated a “hold” rating on shares of RenaissanceRe in a research report on Tuesday, October 7th. Citigroup started coverage on RenaissanceRe in a research report on Wednesday, August 13th. They issued a “buy” rating and a $288.00 price objective on the stock. Keefe, Bruyette & Woods lifted their price objective on RenaissanceRe from $268.00 to $269.00 and gave the stock a “market perform” rating in a research report on Monday, July 28th. Morgan Stanley cut their price objective on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating on the stock in a research report on Monday, July 14th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of RenaissanceRe in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $283.08.

About RenaissanceRe

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.