Harfst & Associates Inc. Acquires New Position in RenaissanceRe Holdings Ltd. (RNR)
Harfst & Associates Inc. acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,148 shares of the insurance provider’s stock, valued at approximately $290,000.
Several other institutional investors and hedge funds also recently bought and sold shares of RNR. Janus Henderson Group PLC boosted its stake in shares of RenaissanceRe Holdings by 53,631.6% during the second quarter. Janus Henderson Group PLC now owns 1,290,632 shares of the insurance provider’s stock valued at $179,463,000 after acquiring an additional 1,288,230 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of RenaissanceRe Holdings by 85.1% during the second quarter. Renaissance Technologies LLC now owns 692,497 shares of the insurance provider’s stock valued at $96,292,000 after acquiring an additional 318,282 shares during the last quarter. APG Asset Management N.V. boosted its stake in shares of RenaissanceRe Holdings by 41.3% during the third quarter. APG Asset Management N.V. now owns 970,002 shares of the insurance provider’s stock valued at $131,086,000 after acquiring an additional 283,300 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of RenaissanceRe Holdings by 29.6% during the second quarter. Wells Fargo & Company MN now owns 768,954 shares of the insurance provider’s stock valued at $106,923,000 after acquiring an additional 175,408 shares during the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of RenaissanceRe Holdings by 99.0% during the third quarter. Bessemer Group Inc. now owns 336,900 shares of the insurance provider’s stock valued at $45,529,000 after acquiring an additional 167,621 shares during the last quarter. 92.69% of the stock is currently owned by institutional investors and hedge funds.
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In other news, CEO Kevin Odonnell sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $135.58, for a total value of $677,900.00. Following the transaction, the chief executive officer now directly owns 193,447 shares in the company, valued at approximately $26,227,544.26. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.80% of the company’s stock.
A number of analysts recently commented on the company. Zacks Investment Research raised RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. BidaskClub upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. UBS AG reduced their target price on RenaissanceRe Holdings from $136.00 to $135.00 and set a “neutral” rating on the stock in a research report on Monday, October 2nd. Wells Fargo & Company set a $140.00 target price on RenaissanceRe Holdings and gave the stock a “hold” rating in a research report on Tuesday, October 31st. Finally, Morgan Stanley reduced their target price on RenaissanceRe Holdings from $144.00 to $142.00 and set an “equal weight” rating on the stock in a research report on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $146.53.
RenaissanceRe Holdings Ltd. (RNR) traded up $0.09 during trading on Thursday, hitting $138.59. The stock had a trading volume of 264,100 shares, compared to its average volume of 281,369. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.25. RenaissanceRe Holdings Ltd. has a 52 week low of $120.55 and a 52 week high of $152.00.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings data on Tuesday, October 31st. The insurance provider reported ($13.81) EPS for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). The firm had revenue of $483.22 million during the quarter, compared to analysts’ expectations of $300.46 million. RenaissanceRe Holdings had a negative return on equity of 5.82% and a negative net margin of 7.60%. The business’s revenue for the quarter was up 70.0% compared to the same quarter last year. During the same quarter last year, the business earned $2.09 earnings per share. equities analysts forecast that RenaissanceRe Holdings Ltd. will post -6.8 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 0.92%. RenaissanceRe Holdings’s dividend payout ratio (DPR) is -28.01%.
RenaissanceRe Holdings announced that its Board of Directors has approved a stock repurchase plan on Wednesday, August 2nd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the insurance provider to purchase up to 8.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.
RenaissanceRe Holdings Company Profile
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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