Marathon Asset Management LLP trimmed its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 133,959 shares of the insurance provider’s stock after selling 2,593 shares during the quarter. Marathon Asset Management LLP owned approximately 0.33% of RenaissanceRe Holdings worth $18,101,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of RNR. State Board of Administration of Florida Retirement System boosted its position in shares of RenaissanceRe Holdings by 2.6% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 69,320 shares of the insurance provider’s stock valued at $9,639,000 after acquiring an additional 1,788 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of RenaissanceRe Holdings by 16.0% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 12,740 shares of the insurance provider’s stock valued at $1,771,000 after acquiring an additional 1,761 shares during the last quarter. ARGA Investment Management LP boosted its position in shares of RenaissanceRe Holdings by 5.1% during the 2nd quarter. ARGA Investment Management LP now owns 12,380 shares of the insurance provider’s stock valued at $1,721,000 after acquiring an additional 600 shares during the last quarter. Great Lakes Advisors LLC boosted its position in shares of RenaissanceRe Holdings by 22.2% during the 2nd quarter. Great Lakes Advisors LLC now owns 17,029 shares of the insurance provider’s stock valued at $2,368,000 after acquiring an additional 3,096 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its position in shares of RenaissanceRe Holdings by 3.9% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 158,425 shares of the insurance provider’s stock valued at $22,029,000 after acquiring an additional 5,975 shares during the last quarter. Institutional investors and hedge funds own 91.76% of the company’s stock.
Several research firms recently weighed in on RNR. Zacks Investment Research upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a report on Friday. UBS AG decreased their price target on RenaissanceRe Holdings from $136.00 to $135.00 and set a “neutral” rating on the stock in a report on Monday, October 2nd. ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, July 28th. Wells Fargo & Company reiterated a “hold” rating and issued a $140.00 target price on shares of RenaissanceRe Holdings in a research note on Wednesday, July 26th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $143.00 target price on shares of RenaissanceRe Holdings in a research note on Thursday, September 21st. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company’s stock. RenaissanceRe Holdings has a consensus rating of “Hold” and an average price target of $144.38.
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In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $135.58, for a total value of $677,900.00. Following the completion of the sale, the chief executive officer now owns 193,447 shares of the company’s stock, valued at $26,227,544.26. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 1.80% of the stock is currently owned by company insiders.
Shares of RenaissanceRe Holdings Ltd. (RNR) traded up $1.04 during mid-day trading on Friday, reaching $139.70. The company had a trading volume of 318,400 shares, compared to its average volume of 281,703. RenaissanceRe Holdings Ltd. has a 12 month low of $120.55 and a 12 month high of $152.00. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.66 and a current ratio of 1.66.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings data on Tuesday, October 31st. The insurance provider reported ($13.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). The company had revenue of $483.22 million for the quarter, compared to the consensus estimate of $300.46 million. RenaissanceRe Holdings had a negative net margin of 7.60% and a negative return on equity of 5.82%. RenaissanceRe Holdings’s revenue for the quarter was up 70.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.09 EPS. equities analysts anticipate that RenaissanceRe Holdings Ltd. will post -6.7 earnings per share for the current fiscal year.
RenaissanceRe Holdings declared that its Board of Directors has initiated a stock repurchase program on Wednesday, August 2nd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to repurchase up to 8.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
About RenaissanceRe Holdings
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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