PhiloSmith Capital Corp raised its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 8.9% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 60,870 shares of the insurance provider’s stock after purchasing an additional 5,000 shares during the period. RenaissanceRe Holdings accounts for approximately 5.7% of PhiloSmith Capital Corp’s investment portfolio, making the stock its 7th largest holding. PhiloSmith Capital Corp owned about 0.15% of RenaissanceRe Holdings worth $8,225,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the company. TIAA FSB lifted its holdings in shares of RenaissanceRe Holdings by 5.6% during the third quarter. TIAA FSB now owns 15,892 shares of the insurance provider’s stock worth $2,148,000 after purchasing an additional 849 shares during the period. First Trust Advisors LP lifted its holdings in RenaissanceRe Holdings by 11.5% in the third quarter. First Trust Advisors LP now owns 113,361 shares of the insurance provider’s stock valued at $15,320,000 after acquiring an additional 11,712 shares during the period. APG Asset Management N.V. lifted its holdings in RenaissanceRe Holdings by 41.3% in the third quarter. APG Asset Management N.V. now owns 970,002 shares of the insurance provider’s stock valued at $131,086,000 after acquiring an additional 283,300 shares during the period. Assenagon Asset Management S.A. lifted its holdings in RenaissanceRe Holdings by 1,934.4% in the third quarter. Assenagon Asset Management S.A. now owns 41,481 shares of the insurance provider’s stock valued at $5,606,000 after acquiring an additional 39,442 shares during the period. Finally, PGGM Investments lifted its holdings in RenaissanceRe Holdings by 314.9% in the third quarter. PGGM Investments now owns 142,482 shares of the insurance provider’s stock valued at $19,255,000 after acquiring an additional 108,144 shares during the period. Institutional investors and hedge funds own 91.76% of the company’s stock.
RenaissanceRe Holdings Ltd. (RNR) traded up $1.04 during mid-day trading on Friday, reaching $139.70. The company’s stock had a trading volume of 318,400 shares, compared to its average volume of 281,703. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.25. RenaissanceRe Holdings Ltd. has a 52 week low of $120.55 and a 52 week high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings data on Tuesday, October 31st. The insurance provider reported ($13.81) EPS for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). The business had revenue of $483.22 million during the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe Holdings had a negative net margin of 7.60% and a negative return on equity of 5.82%. The company’s revenue was up 70.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.09 EPS. equities analysts forecast that RenaissanceRe Holdings Ltd. will post -6.7 EPS 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 buyback $500.00 million in shares. This buyback authorization permits the insurance provider to purchase up to 8.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
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Several brokerages have issued reports on RNR. Zacks Investment Research upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a report on Friday. UBS AG upped their target price on RenaissanceRe Holdings from $135.00 to $144.00 and gave the company a “neutral” rating in a report on Monday, November 6th. Morgan Stanley dropped their target price on RenaissanceRe Holdings from $144.00 to $142.00 and set an “equal weight” rating for the company in a report on Thursday, November 2nd. Citigroup Inc. upgraded RenaissanceRe Holdings from a “neutral” rating to a “buy” rating and upped their target price for the company from $151.00 to $157.00 in a report on Thursday, November 2nd. Finally, Wells Fargo & Company set a $140.00 price target on RenaissanceRe Holdings and gave the company a “hold” rating in a research note on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $144.38.
In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $135.58, for a total transaction of $677,900.00. Following the completion of the sale, the chief executive officer now directly owns 193,447 shares of the company’s stock, valued at approximately $26,227,544.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.80% of the company’s stock.
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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