RenaissanceRe Holdings Ltd. (NYSE:RNR) Stock Position Lowered by M&T Bank Corp

M&T Bank Corp lessened its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 10.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,027 shares of the insurance provider’s stock after selling 489 shares during the period. M&T Bank Corp’s holdings in RenaissanceRe were worth $1,002,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Impax Asset Management Group plc grew its holdings in shares of RenaissanceRe by 10.8% in the 4th quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock worth $466,969,000 after acquiring an additional 182,530 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of RenaissanceRe by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock worth $250,892,000 after acquiring an additional 25,773 shares during the last quarter. Nepsis Inc. grew its holdings in shares of RenaissanceRe by 32.9% in the 4th quarter. Nepsis Inc. now owns 128,983 shares of the insurance provider’s stock worth $32,092,000 after acquiring an additional 31,915 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of RenaissanceRe by 3.4% during the fourth quarter. Fisher Asset Management LLC now owns 83,483 shares of the insurance provider’s stock valued at $20,771,000 after buying an additional 2,710 shares in the last quarter. Finally, Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of RenaissanceRe during the third quarter valued at $18,969,000. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $239.53 on Wednesday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $208.98 and a fifty-two week high of $300.00. The business has a 50-day moving average of $242.98 and a two-hundred day moving average of $257.97. The stock has a market capitalization of $11.80 billion, a P/E ratio of 6.84, a P/E/G ratio of 2.09 and a beta of 0.38. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. On average, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s payout ratio is currently 4.57%.

Wall Street Analysts Forecast Growth

RNR has been the topic of a number of research analyst reports. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a report on Thursday, January 30th. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a report on Friday, January 3rd. Wells Fargo & Company lowered their price target on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Jefferies Financial Group reiterated a “hold” rating and set a $282.00 price target (down previously from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. Finally, Keefe, Bruyette & Woods lowered their price target on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a report on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $279.90.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the transaction, the executive vice president now owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is owned by insiders.

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.