Schwab Charles Investment Management Inc. lifted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 154,678 shares of the insurance provider’s stock after purchasing an additional 5,697 shares during the period. Schwab Charles Investment Management Inc. owned 0.39% of RenaissanceRe worth $19,427,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Nomura Holdings Inc. purchased a new stake in shares of RenaissanceRe during the 2nd quarter worth approximately $212,000. Cadence Capital Management LLC purchased a new stake in shares of RenaissanceRe during the 3rd quarter worth approximately $219,000. Toronto Dominion Bank increased its stake in shares of RenaissanceRe by 241.0% during the 3rd quarter. Toronto Dominion Bank now owns 1,715 shares of the insurance provider’s stock worth $232,000 after purchasing an additional 1,212 shares during the last quarter. Lbmc Investment Advisors LLC purchased a new stake in shares of RenaissanceRe during the 3rd quarter worth approximately $245,000. Finally, Aureus Asset Management LLC purchased a new stake in shares of RenaissanceRe during the 3rd quarter worth approximately $270,000. Institutional investors own 88.33% of the company’s stock.
RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at $130.89 on Wednesday. The company has a market cap of $5,254.72, a P/E ratio of -20.61, a P/E/G ratio of 1.39 and a beta of 0.63. RenaissanceRe Holdings Ltd. has a fifty-two week low of $116.50 and a fifty-two week high of $152.00. The company has a quick ratio of 1.77, a current ratio of 1.77 and a debt-to-equity ratio of 0.25.
RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.29. RenaissanceRe had a negative net margin of 10.57% and a negative return on equity of 7.68%. The company had revenue of $288.22 million during the quarter, compared to the consensus estimate of $227.65 million. During the same period last year, the firm earned $2.66 EPS. RenaissanceRe’s revenue for the quarter was up 31.3% on a year-over-year basis. analysts predict that RenaissanceRe Holdings Ltd. will post 9.95 earnings per share for the current year.
RenaissanceRe declared that its Board of Directors has approved a stock buyback plan on Friday, November 10th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.01%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, March 14th. RenaissanceRe’s dividend payout ratio (DPR) is presently -20.16%.
In other RenaissanceRe news, CEO Kevin Odonnell sold 5,000 shares of the firm’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $131.65, for a total value of $658,250.00. Following the completion of the transaction, the chief executive officer now directly owns 190,707 shares of the company’s stock, valued at approximately $25,106,576.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Sean G. Brosnan sold 1,391 shares of the firm’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $135.73, for a total transaction of $188,800.43. Following the completion of the transaction, the senior vice president now directly owns 8,405 shares of the company’s stock, valued at $1,140,810.65. The disclosure for this sale can be found here. 1.80% of the stock is owned by company insiders.
Several equities research analysts have recently issued reports on RNR shares. Wells Fargo & Co restated a “hold” rating on shares of RenaissanceRe in a research note on Thursday, December 28th. Zacks Investment Research lowered shares of RenaissanceRe from a “hold” rating to a “sell” rating in a research note on Tuesday, January 9th. Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and raised their price target for the stock from $151.00 to $157.00 in a research note on Thursday, November 2nd. Morgan Stanley decreased their price target on shares of RenaissanceRe from $144.00 to $142.00 and set an “equal weight” rating for the company in a research note on Thursday, November 2nd. Finally, UBS Group raised their price target on shares of RenaissanceRe from $135.00 to $144.00 and gave the stock a “neutral” rating in a research note on Monday, November 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $145.88.
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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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