Credit Suisse AG reduced its position in RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) by 7.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 62,084 shares of the insurance provider’s stock after selling 5,016 shares during the quarter. Credit Suisse AG owned approximately 0.14% of RenaissanceRe worth $12,438,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. raised its stake in RenaissanceRe by 9.3% during the first quarter. Whittier Trust Co. now owns 14,190 shares of the insurance provider’s stock worth $2,843,000 after acquiring an additional 1,202 shares in the last quarter. Barclays PLC raised its stake in RenaissanceRe by 25.4% during the first quarter. Barclays PLC now owns 7,006 shares of the insurance provider’s stock worth $1,403,000 after acquiring an additional 1,421 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in RenaissanceRe during the fourth quarter worth $351,000. Covenant Partners LLC acquired a new position in RenaissanceRe during the first quarter worth $207,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in RenaissanceRe by 9.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,784 shares of the insurance provider’s stock worth $1,159,000 after acquiring an additional 512 shares in the last quarter. 93.15% of the stock is owned by institutional investors.
RenaissanceRe Price Performance
RenaissanceRe stock opened at $181.92 on Friday. The business’s 50-day simple moving average is $189.13 and its 200 day simple moving average is $198.02. The stock has a market cap of $9.31 billion, a price-to-earnings ratio of 22.74 and a beta of 0.42. RenaissanceRe Holdings Ltd. has a 12-month low of $128.00 and a 12-month high of $223.80. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.28.
RenaissanceRe Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date is Thursday, September 14th. RenaissanceRe’s dividend payout ratio (DPR) is currently 19.00%.
Analyst Upgrades and Downgrades
A number of brokerages have recently weighed in on RNR. Morgan Stanley began coverage on RenaissanceRe in a research note on Tuesday, June 20th. They issued an “equal weight” rating and a $222.00 target price for the company. TheStreet lowered RenaissanceRe from a “b-” rating to a “c+” rating in a research note on Thursday, June 8th. StockNews.com began coverage on RenaissanceRe in a research note on Thursday, August 17th. They issued a “hold” rating for the company. BMO Capital Markets upgraded RenaissanceRe from a “market perform” rating to an “outperform” rating and raised their target price for the company from $198.00 to $216.00 in a research note on Tuesday, July 11th. Finally, Bank of America lowered their target price on RenaissanceRe from $275.00 to $266.00 and set a “buy” rating for the company in a research note on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $228.83.
Check Out Our Latest Stock Analysis on RenaissanceRe
About RenaissanceRe
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.
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