Barings LLC lessened its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 43.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,560 shares of the insurance provider’s stock after selling 4,210 shares during the quarter. Barings LLC’s holdings in RenaissanceRe were worth $743,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its stake in shares of RenaissanceRe by 3.7% during the third quarter. Russell Investments Group Ltd. now owns 479,210 shares of the insurance provider’s stock worth $63,931,000 after purchasing an additional 17,215 shares during the last quarter. Middleton & Co Inc MA raised its stake in shares of RenaissanceRe by 4.3% during the third quarter. Middleton & Co Inc MA now owns 67,317 shares of the insurance provider’s stock worth $8,992,000 after purchasing an additional 2,750 shares during the last quarter. Pwmco LLC raised its position in RenaissanceRe by 18.6% in the third quarter. Pwmco LLC now owns 99,182 shares of the insurance provider’s stock worth $13,249,000 after acquiring an additional 15,535 shares in the last quarter. IFM Investors Pty Ltd purchased a new position in RenaissanceRe in the third quarter worth $210,000. Finally, Cornerstone Wealth Management LLC purchased a new position in RenaissanceRe in the third quarter worth $1,183,000. Institutional investors and hedge funds own 94.85% of the company’s stock.
RNR has been the subject of several research analyst reports. Wells Fargo & Co cut their price objective on RenaissanceRe from $130.00 to $125.00 and set a “market perform” rating for the company in a research report on Thursday. Zacks Investment Research upgraded RenaissanceRe from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Tuesday, October 23rd. Citigroup cut their price objective on RenaissanceRe from $149.00 to $144.00 and set a “buy” rating for the company in a research report on Thursday, July 12th. Finally, Buckingham Research increased their price objective on RenaissanceRe from $145.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, October 3rd. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $143.00.
NYSE:RNR opened at $124.13 on Friday. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of -14.62, a price-to-earnings-growth ratio of 1.18 and a beta of 0.58. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.64 and a quick ratio of 1.64. RenaissanceRe Holdings Ltd. has a 1 year low of $116.50 and a 1 year high of $142.56.
RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, October 30th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.10 by $0.42. The firm had revenue of $453.30 million during the quarter, compared to analysts’ expectations of $416.49 million. RenaissanceRe had a return on equity of 10.62% and a net margin of 15.07%. RenaissanceRe’s revenue was down 6.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($13.81) earnings per share. As a group, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 11.3 EPS for the current year.
RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance coverages in the United States and internationally. Its Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, such as earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, including proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.
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