SG Americas Securities LLC lowered its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 58.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 16,501 shares of the insurance provider’s stock after selling 23,607 shares during the period. SG Americas Securities LLC’s holdings in RenaissanceRe were worth $2,206,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Capital International Investors acquired a new position in RenaissanceRe during the third quarter valued at approximately $90,594,000. Royal London Asset Management Ltd. grew its holdings in RenaissanceRe by 3,627.0% during the third quarter. Royal London Asset Management Ltd. now owns 563,934 shares of the insurance provider’s stock valued at $23,142,000 after purchasing an additional 548,803 shares during the last quarter. Cornerstone Wealth Management LLC acquired a new position in RenaissanceRe during the third quarter valued at approximately $1,183,000. Monarch Partners Asset Management LLC acquired a new position in RenaissanceRe during the third quarter valued at approximately $13,630,000. Finally, Diamond Hill Capital Management Inc. acquired a new position in RenaissanceRe during the third quarter valued at approximately $11,580,000. Hedge funds and other institutional investors own 99.54% of the company’s stock.
Several equities analysts have commented on the company. TheStreet upgraded RenaissanceRe from a “c+” rating to a “b” rating in a report on Thursday, February 7th. Wells Fargo & Co reiterated a “hold” rating and set a $125.00 price target on shares of RenaissanceRe in a report on Tuesday, January 29th. Bank of America downgraded RenaissanceRe from a “neutral” rating to an “underperform” rating in a report on Wednesday, January 16th. Barclays downgraded RenaissanceRe from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $130.00 to $125.00 in a report on Wednesday, January 9th. They noted that the move was a valuation call. Finally, Zacks Investment Research upgraded RenaissanceRe from a “sell” rating to a “hold” rating in a report on Tuesday, January 8th. Two analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. RenaissanceRe currently has a consensus rating of “Hold” and an average price target of $143.70.
RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, January 29th. The insurance provider reported $0.02 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.93) by $1.95. The business had revenue of $633.44 million for the quarter, compared to the consensus estimate of $545.60 million. RenaissanceRe had a net margin of 10.96% and a return on equity of 9.18%. On average, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 11.07 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Stockholders of record on Friday, March 15th will be paid a $0.34 dividend. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.33. The ex-dividend date is Thursday, March 14th. This represents a $1.36 annualized dividend and a dividend yield of 0.95%. RenaissanceRe’s dividend payout ratio (DPR) is presently 14.39%.
In other news, SVP Jonathan Paradine sold 20,000 shares of the firm’s stock in a transaction on Monday, December 31st. The shares were sold at an average price of $132.79, for a total value of $2,655,800.00. Following the sale, the senior vice president now owns 64,630 shares in the company, valued at $8,582,217.70. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 1.50% of the company’s stock.
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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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