The Manufacturers Life Insurance Company Cuts Stock Position in RenaissanceRe Holdings Ltd. $RNR

The Manufacturers Life Insurance Company decreased its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 8.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,078 shares of the insurance provider’s stock after selling 2,272 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in RenaissanceRe were worth $8,264,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its position in RenaissanceRe by 29,588.9% in the second quarter. California State Teachers Retirement System now owns 15,938,802 shares of the insurance provider’s stock valued at $5,051,006,000 after acquiring an additional 15,885,116 shares in the last quarter. BlackRock Inc. acquired a new position in shares of RenaissanceRe during the second quarter worth $1,319,724,000. Orbis Allan Gray Ltd acquired a new position in shares of RenaissanceRe during the fourth quarter worth $178,519,000. Norges Bank purchased a new position in shares of RenaissanceRe in the fourth quarter valued at $168,582,000. Finally, GQG Partners LLC purchased a new position in shares of RenaissanceRe in the second quarter valued at $185,351,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RNR has been the topic of several analyst reports. Mizuho lifted their price target on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Bank of America upped their price objective on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a research report on Thursday, July 23rd. Citigroup upgraded RenaissanceRe from a “neutral” rating to a “buy” rating and raised their target price for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $329.00 to $360.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Finally, Wells Fargo & Company boosted their price target on RenaissanceRe from $306.00 to $329.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $336.33.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the sale, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.30% of the company’s stock.

RenaissanceRe Price Performance

RNR opened at $325.26 on Monday. The company has a market capitalization of $13.51 billion, a P/E ratio of 5.58, a PEG ratio of 1.18 and a beta of 0.17. The company has a 50-day moving average of $323.42 and a 200-day moving average of $308.30. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $340.24.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The business had revenue of $2.77 billion for the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. Equities analysts expect that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.41 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.81%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based global reinsurance and specialty insurance company. Founded in 1993, the company initially focused on property catastrophe reinsurance and has expanded its operations to serve insurers, businesses and other risk-bearing organizations worldwide.

RenaissanceRe provides reinsurance and insurance solutions covering property, casualty and specialty risks. Its property business includes protection against hurricanes, earthquakes, severe weather and other catastrophe-related events, while its casualty and specialty operations address risks such as liability, professional lines and other complex commercial exposures.

The company also manages and supports insurance-linked securities and other third-party capital strategies, allowing investors to participate in selected insurance risks.