Sterling Capital Management LLC Trims Position in RenaissanceRe Holdings Ltd. $RNR

Sterling Capital Management LLC cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 41.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,272 shares of the insurance provider’s stock after selling 1,582 shares during the period. Sterling Capital Management LLC’s holdings in RenaissanceRe were worth $675,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of RNR. Quarry LP grew its stake in RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 94 shares in the last quarter. Kingdom Financial Group LLC. bought a new position in RenaissanceRe in the 4th quarter valued at $36,000. Mcguire Capital Advisors Inc. purchased a new position in shares of RenaissanceRe during the 4th quarter valued at $38,000. Finally, SBI Securities Co. Ltd. grew its position in shares of RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after purchasing an additional 37 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

RNR stock opened at $317.36 on Thursday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37. The firm has a 50 day moving average price of $299.18 and a 200-day moving average price of $293.54. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $325.39. The firm has a market capitalization of $13.53 billion, a price-to-earnings ratio of 5.29, a PEG ratio of 1.19 and a beta of 0.17.

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

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Monday, June 15th. RenaissanceRe’s dividend payout ratio is currently 2.73%.

Analyst Ratings Changes

A number of brokerages recently issued reports on RNR. Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $335.00 to $345.00 in a research report on Wednesday, June 10th. Mizuho set a $325.00 price objective on shares of RenaissanceRe in a research report on Monday, May 4th. Weiss Ratings raised shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, June 25th. Barclays dropped their target price on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 29th. Finally, Cantor Fitzgerald raised shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $306.00 to $340.00 in a report on Thursday, April 9th. Five equities research 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. According to MarketBeat.com, RenaissanceRe has an average rating of “Hold” and an average target price of $323.64.

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.