Hsbc Holdings PLC cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 32.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,305 shares of the insurance provider’s stock after selling 23,711 shares during the period. Hsbc Holdings PLC owned 0.12% of RenaissanceRe worth $6,691,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the business. American International Group Inc. raised its position in shares of RenaissanceRe by 0.5% in the fourth quarter. American International Group Inc. now owns 87,876 shares of the insurance provider’s stock valued at $11,036,000 after buying an additional 423 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of RenaissanceRe by 6.6% in the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 6,883 shares of the insurance provider’s stock valued at $953,000 after buying an additional 425 shares in the last quarter. First Republic Investment Management Inc. raised its position in shares of RenaissanceRe by 9.2% in the first quarter. First Republic Investment Management Inc. now owns 5,274 shares of the insurance provider’s stock valued at $731,000 after buying an additional 443 shares in the last quarter. Amalgamated Bank raised its position in shares of RenaissanceRe by 5.9% in the fourth quarter. Amalgamated Bank now owns 8,119 shares of the insurance provider’s stock valued at $1,020,000 after buying an additional 450 shares in the last quarter. Finally, Mutual of America Capital Management LLC raised its position in shares of RenaissanceRe by 1.5% in the fourth quarter. Mutual of America Capital Management LLC now owns 33,039 shares of the insurance provider’s stock valued at $4,149,000 after buying an additional 497 shares in the last quarter. Hedge funds and other institutional investors own 96.07% of the company’s stock.
A number of research firms have recently weighed in on RNR. Citigroup lifted their price target on shares of RenaissanceRe from $152.00 to $161.00 and gave the company a “buy” rating in a research report on Tuesday, April 10th. Wells Fargo & Co reiterated a “hold” rating and issued a $125.00 price target on shares of RenaissanceRe in a research report on Monday, April 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $145.50.
In other RenaissanceRe news, SVP Sean G. Brosnan sold 1,200 shares of the business’s stock in a transaction on Tuesday, May 29th. The shares were sold at an average price of $123.67, for a total transaction of $148,404.00. Following the sale, the senior vice president now owns 9,661 shares of the company’s stock, valued at $1,194,775.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.50% of the company’s stock.
RenaissanceRe traded down $0.23, reaching $123.65, during mid-day trading on Thursday, Marketbeat Ratings reports. The stock had a trading volume of 3,648 shares, compared to its average volume of 332,871. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of -14.76, a price-to-earnings-growth ratio of 1.24 and a beta of 0.50. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.61 and a quick ratio of 1.61. RenaissanceRe Holdings Ltd. has a 12 month low of $116.50 and a 12 month high of $152.00.
RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, May 1st. The insurance provider reported $3.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.62 by $0.78. The business had revenue of $663.04 million for the quarter, compared to analysts’ expectations of $644.39 million. RenaissanceRe had a negative net margin of 12.59% and a negative return on equity of 5.80%. The firm’s quarterly revenue was up 21.9% compared to the same quarter last year. During the same period last year, the firm posted $2.25 earnings per share. analysts anticipate that RenaissanceRe Holdings Ltd. will post 10.76 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.07%. RenaissanceRe’s payout ratio is presently -15.81%.
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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