RenaissanceRe Holdings Ltd. (RNR) Stake Raised by Bank of New York Mellon Corp
Bank of New York Mellon Corp increased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 647,774 shares of the insurance provider’s stock after buying an additional 3,327 shares during the period. Bank of New York Mellon Corp owned about 1.61% of RenaissanceRe Holdings worth $90,073,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the company. Macquarie Group Ltd. raised its position in RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock worth $193,000 after buying an additional 314 shares in the last quarter. Neuburgh Advisers LLC raised its position in RenaissanceRe Holdings by 4.6% in the first quarter. Neuburgh Advisers LLC now owns 1,456 shares of the insurance provider’s stock worth $211,000 after buying an additional 64 shares in the last quarter. Parametrica Management Ltd bought a new position in RenaissanceRe Holdings during the second quarter worth approximately $220,000. Engineers Gate Manager LP bought a new position in RenaissanceRe Holdings during the first quarter worth approximately $231,000. Finally, Lbmc Investment Advisors LLC bought a new position in RenaissanceRe Holdings during the first quarter worth approximately $253,000. 92.83% of the stock is currently owned by institutional investors.
RenaissanceRe Holdings Ltd. (RNR) opened at 144.61 on Friday. RenaissanceRe Holdings Ltd. has a 52 week low of $116.94 and a 52 week high of $152.00. The firm has a 50-day moving average price of $145.24 and a 200 day moving average price of $143.35. The firm has a market capitalization of $5.82 billion, a price-to-earnings ratio of 12.34 and a beta of 0.65.
RenaissanceRe Holdings (NYSE:RNR) last released its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.46. The firm had revenue of $555.75 million for the quarter, compared to analysts’ expectations of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.55 earnings per share. On average, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post $8.66 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.89%. RenaissanceRe Holdings’s dividend payout ratio is 10.90%.
RenaissanceRe Holdings announced that its Board of Directors has initiated a share repurchase plan on Wednesday, May 17th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to buy up to 99% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
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A number of research firms recently commented on RNR. BidaskClub lowered RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $143.00 price objective on shares of RenaissanceRe Holdings in a research note on Wednesday, June 28th. ValuEngine raised RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Wells Fargo & Company reaffirmed a “hold” rating and issued a $140.00 price objective on shares of RenaissanceRe Holdings in a research note on Wednesday, July 26th. Finally, Zacks Investment Research lowered RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a research note on Friday, May 5th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $143.20.
In other news, SVP Ross Curtis sold 5,300 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total transaction of $785,619.00. Following the transaction, the senior vice president now owns 98,564 shares of the company’s stock, valued at $14,610,141.72. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Kevin Odonnell sold 38,344 shares of the company’s stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $147.93, for a total value of $5,672,227.92. Following the transaction, the chief executive officer now directly owns 208,150 shares in the company, valued at approximately $30,791,629.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 57,644 shares of company stock worth $8,462,507. Insiders own 1.80% of the company’s stock.
About RenaissanceRe Holdings
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
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