JPMorgan Chase & Co. Decreases Holdings in RenaissanceRe Holdings Ltd. $RNR

JPMorgan Chase & Co. reduced its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 34.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 157,208 shares of the insurance provider’s stock after selling 82,122 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.34% of RenaissanceRe worth $39,923,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Hantz Financial Services Inc. boosted its holdings in RenaissanceRe by 707.1% in the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock valued at $27,000 after purchasing an additional 99 shares in the last quarter. Financial Consulate Inc. acquired a new stake in RenaissanceRe during the third quarter worth approximately $29,000. Huntington National Bank lifted its position in shares of RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after buying an additional 55 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of RenaissanceRe by 151.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock valued at $33,000 after buying an additional 79 shares in the last quarter. Finally, Root Financial Partners LLC purchased a new position in shares of RenaissanceRe in the 3rd quarter valued at $36,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Down 0.2%

Shares of NYSE:RNR opened at $298.22 on Friday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $315.88. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The firm’s 50-day simple moving average is $285.23 and its 200-day simple moving average is $264.85. The company has a market cap of $12.97 billion, a price-to-earnings ratio of 5.26, a PEG ratio of 0.73 and a beta of 0.24.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 EPS for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the firm earned $8.06 earnings per share. The firm’s revenue was up 29.6% compared to the same quarter last year. As a group, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, March 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.82%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on RNR shares. Cantor Fitzgerald upped their price objective on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Evercore boosted their target price on RenaissanceRe from $283.00 to $291.00 and gave the company an “in-line” rating in a report on Wednesday, February 4th. UBS Group restated a “neutral” rating and set a $312.00 price target on shares of RenaissanceRe in a research note on Monday, February 9th. JPMorgan Chase & Co. boosted their price objective on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Finally, BMO Capital Markets restated an “outperform” rating and set a $303.00 target price on shares of RenaissanceRe in a research report on Friday, December 5th. Three analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, RenaissanceRe has an average rating of “Hold” and an average target price of $310.27.

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total value of $1,528,750.00. Following the completion of the transaction, the executive vice president owned 73,023 shares in the company, valued at approximately $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by corporate insiders.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.