First Trust Advisors LP Sells 51,673 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Posted by Defense World Staff on May 27th, 2023

First Trust Advisors LP cut its position in RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) by 60.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,647 shares of the insurance provider’s stock after selling 51,673 shares during the quarter. First Trust Advisors LP owned about 0.08% of RenaissanceRe worth $6,199,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RNR. Mitsubishi UFJ Trust & Banking Corp bought a new stake in RenaissanceRe in the 3rd quarter valued at $28,000. Neo Ivy Capital Management bought a new stake in shares of RenaissanceRe during the 3rd quarter valued at $29,000. Signaturefd LLC lifted its position in shares of RenaissanceRe by 64.4% during the 3rd quarter. Signaturefd LLC now owns 240 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 94 shares during the period. EverSource Wealth Advisors LLC bought a new stake in shares of RenaissanceRe during the 4th quarter valued at $38,000. Finally, Rockefeller Capital Management L.P. lifted its position in shares of RenaissanceRe by 514.6% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 295 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 247 shares during the period. 95.52% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Kevin Odonnell bought 13,020 shares of the stock in a transaction on Friday, May 26th. The stock was acquired at an average price of $192.00 per share, with a total value of $2,499,840.00. Following the acquisition, the chief executive officer now directly owns 296,025 shares in the company, valued at $56,836,800. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 1.30% of the company’s stock.

RenaissanceRe Trading Down 2.9 %

RenaissanceRe stock opened at $189.08 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 1.31. RenaissanceRe Holdings Ltd. has a 52 week low of $124.18 and a 52 week high of $223.80. The stock has a fifty day moving average of $202.88 and a 200-day moving average of $197.48.

RenaissanceRe (NYSE:RNR – Get Rating) last issued its earnings results on Tuesday, May 2nd. The insurance provider reported $8.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.34 by $0.82. RenaissanceRe had a positive return on equity of 11.89% and a negative net margin of 1.61%. The business had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same quarter in the prior year, the firm earned $3.50 EPS. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 23.39 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be issued a $0.38 dividend. The ex-dividend date is Wednesday, June 14th. This represents a $1.52 dividend on an annualized basis and a yield of 0.80%. RenaissanceRe’s payout ratio is presently -41.99%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RNR. JPMorgan Chase & Co. upped their target price on RenaissanceRe from $170.00 to $175.00 and gave the company an “underweight” rating in a research report on Friday, March 31st. Jefferies Financial Group upgraded RenaissanceRe from a “hold” rating to a “buy” rating and upped their target price for the company from $234.00 to $238.00 in a research report on Thursday. TheStreet upgraded RenaissanceRe from a “c+” rating to a “b” rating in a research report on Tuesday, January 31st. Wells Fargo & Company boosted their price target on RenaissanceRe from $245.00 to $256.00 and gave the stock an “overweight” rating in a report on Wednesday, April 5th. Finally, StockNews.com initiated coverage on RenaissanceRe in a report on Thursday, May 18th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, RenaissanceRe has an average rating of “Hold” and a consensus target price of $210.20.

About RenaissanceRe

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RenaissanceRe Holdings Ltd. engages in the provision of reinsurance and insurance services. It operates through the following business segments: Property, Casualty and Specialty, and Other. The Property segment focuses on catastrophe, and other property reinsurance and insurance. The Casualty and Specialty segment deals with casualty and specialty reinsurance, and insurance.