RNC Capital Management LLC Has $2.56 Million Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

RNC Capital Management LLC cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 13,054 shares of the insurance provider’s stock after selling 205 shares during the quarter. RNC Capital Management LLC’s holdings in RenaissanceRe were worth $2,559,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Pacer Advisors Inc. raised its position in shares of RenaissanceRe by 66.9% in the 4th quarter. Pacer Advisors Inc. now owns 9,594 shares of the insurance provider’s stock worth $1,880,000 after acquiring an additional 3,847 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in shares of RenaissanceRe by 49.9% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 11,707 shares of the insurance provider’s stock worth $2,295,000 after acquiring an additional 3,897 shares in the last quarter. Whittier Trust Co. raised its position in shares of RenaissanceRe by 43.7% in the 4th quarter. Whittier Trust Co. now owns 21,745 shares of the insurance provider’s stock worth $4,262,000 after acquiring an additional 6,617 shares in the last quarter. Handelsinvest Investeringsforvaltning bought a new position in shares of RenaissanceRe in the 4th quarter worth about $328,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of RenaissanceRe in the 4th quarter worth about $38,000. 99.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on RNR shares. Evercore ISI started coverage on RenaissanceRe in a research report on Thursday, December 14th. They issued an “underperform” rating and a $200.00 price objective for the company. BMO Capital Markets boosted their target price on RenaissanceRe from $216.00 to $295.00 and gave the company an “outperform” rating in a research report on Monday, February 5th. UBS Group boosted their target price on RenaissanceRe from $229.00 to $238.00 and gave the company a “neutral” rating in a research report on Monday, February 5th. Finally, TD Cowen assumed coverage on RenaissanceRe in a research report on Wednesday, January 10th. They issued a “market perform” rating for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $240.90.

RenaissanceRe Price Performance

RNR stock opened at $235.83 on Thursday. The company has a market capitalization of $12.43 billion, a P/E ratio of 4.60, a price-to-earnings-growth ratio of 2.60 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.40 and a current ratio of 1.40. RenaissanceRe Holdings Ltd. has a 52-week low of $174.22 and a 52-week high of $239.42. The business has a 50-day simple moving average of $225.86 and a two-hundred day simple moving average of $213.01.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.13 by $3.64. RenaissanceRe had a return on equity of 26.93% and a net margin of 28.04%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the previous year, the business earned $7.33 EPS. The company’s quarterly revenue was up 17.9% on a year-over-year basis. Research analysts expect that RenaissanceRe Holdings Ltd. will post 34.35 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be paid a $0.39 dividend. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $1.56 annualized dividend and a yield of 0.66%. RenaissanceRe’s dividend payout ratio is presently 3.05%.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 750 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total transaction of $171,750.00. Following the sale, the executive vice president now owns 79,699 shares of the company’s stock, valued at approximately $18,251,071. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $209.05, for a total value of $209,050.00. Following the transaction, the executive vice president now owns 80,449 shares of the company’s stock, valued at $16,817,863.45. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP David E. Marra sold 750 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $229.00, for a total transaction of $171,750.00. Following the completion of the transaction, the executive vice president now directly owns 79,699 shares in the company, valued at approximately $18,251,071. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,130 shares of company stock worth $1,167,479. Insiders own 1.30% of the company’s stock.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.