Macquarie Group Ltd. raised its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2,958.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 37,130 shares of the insurance provider’s stock after purchasing an additional 35,916 shares during the period. Macquarie Group Ltd. owned 0.09% of RenaissanceRe Holdings worth $5,163,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in RNR. Goldman Sachs Group Inc. boosted its stake in shares of RenaissanceRe Holdings by 19.2% in the second quarter. Goldman Sachs Group Inc. now owns 405,004 shares of the insurance provider’s stock worth $56,316,000 after acquiring an additional 65,277 shares during the period. Zurich Insurance Group Ltd FI bought a new position in shares of RenaissanceRe Holdings in the second quarter worth about $830,000. Clinton Group Inc. bought a new position in shares of RenaissanceRe Holdings in the second quarter worth about $262,000. Tudor Investment Corp ET AL boosted its stake in shares of RenaissanceRe Holdings by 98.3% in the second quarter. Tudor Investment Corp ET AL now owns 5,506 shares of the insurance provider’s stock worth $766,000 after acquiring an additional 2,729 shares during the period. Finally, Balyasny Asset Management LLC boosted its stake in shares of RenaissanceRe Holdings by 174.3% in the second quarter. Balyasny Asset Management LLC now owns 131,355 shares of the insurance provider’s stock worth $18,265,000 after acquiring an additional 83,461 shares during the period. 91.72% of the stock is owned by institutional investors and hedge funds.
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In other news, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $134.89, for a total transaction of $674,450.00. Following the transaction, the chief executive officer now directly owns 197,904 shares in the company, valued at approximately $26,695,270.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.80% of the company’s stock.
A number of research firms have recently weighed in on RNR. UBS AG reaffirmed a “neutral” rating and issued a $145.00 price objective (up previously from $139.00) on shares of RenaissanceRe Holdings in a research note on Tuesday, August 1st. Zacks Investment Research
lowered RenaissanceRe Holdings from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $143.00 price objective on shares of RenaissanceRe Holdings in a research note on Thursday, September 21st. ValuEngine
raised RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. Finally, Wells Fargo & Company reaffirmed a “hold” rating and issued a $140.00 price objective on shares of RenaissanceRe Holdings in a research note on Wednesday, July 26th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $142.58.
RenaissanceRe Holdings Ltd. (NYSE RNR) traded up 0.45% during midday trading on Friday, hitting $138.87. The company had a trading volume of 265,152 shares. The company has a 50 day moving average price of $135.35 and a 200 day moving average price of $140.23. The firm has a market capitalization of $5.59 billion, a P/E ratio of 11.85 and a beta of 0.65. RenaissanceRe Holdings Ltd. has a 1-year low of $120.55 and a 1-year high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last issued its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.46. The business had revenue of $555.75 million for the quarter, compared to analysts’ expectations of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.55 EPS. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post ($5.39) earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Friday, September 15th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 0.92%. The ex-dividend date was Thursday, September 14th. RenaissanceRe Holdings’s dividend payout ratio is currently 10.90%.
RenaissanceRe Holdings announced that its Board of Directors has initiated a share repurchase plan on Wednesday, August 2nd that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the insurance provider to buy up to 8.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
RenaissanceRe Holdings 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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