Lord Abbett & CO. LLC Decreases Holdings in RenaissanceRe Holdings Ltd. $RNR

Lord Abbett & CO. LLC trimmed its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 17.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 340,503 shares of the insurance provider’s stock after selling 70,676 shares during the period. Lord Abbett & CO. LLC’s holdings in RenaissanceRe were worth $95,736,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of RenaissanceRe by 39.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after purchasing an additional 2,737 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of RenaissanceRe in the 1st quarter worth $15,289,000. Jones Financial Companies Lllp increased its stake in shares of RenaissanceRe by 900.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock worth $324,000 after purchasing an additional 1,215 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of RenaissanceRe by 72.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock worth $13,725,000 after purchasing an additional 24,027 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of RenaissanceRe by 18.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider’s stock worth $107,000 after purchasing an additional 69 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Wall Street Zen lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Evercore set a $309.00 price objective on RenaissanceRe in a research note on Thursday, April 9th. Morgan Stanley lowered RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective for the company. in a research note on Thursday, February 26th. Weiss Ratings lowered RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research note on Thursday. Finally, Cantor Fitzgerald upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $306.00 to $340.00 in a research note on Thursday, April 9th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and an average target price of $323.64.

RenaissanceRe Stock Up 0.8%

RNR opened at $300.49 on Friday. The firm has a 50-day simple moving average of $299.00 and a two-hundred day simple moving average of $289.32. RenaissanceRe Holdings Ltd. has a 52 week low of $231.17 and a 52 week high of $318.20. The company has a market capitalization of $12.81 billion, a PE ratio of 5.01, a price-to-earnings-growth ratio of 1.12 and a beta of 0.18. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The business had revenue of $2.19 billion during the quarter. Analysts forecast that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Monday, June 15th. RenaissanceRe’s dividend payout ratio is 2.73%.

About RenaissanceRe

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.