RenaissanceRe Holdings Ltd. $RNR Stock Position Decreased by Squarepoint Ops LLC

Squarepoint Ops LLC cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 81.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,076 shares of the insurance provider’s stock after selling 56,630 shares during the period. Squarepoint Ops LLC’s holdings in RenaissanceRe were worth $3,176,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of RNR. Price T Rowe Associates Inc. MD increased its stake in RenaissanceRe by 37.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider’s stock worth $599,049,000 after purchasing an additional 676,125 shares in the last quarter. Norges Bank acquired a new position in shares of RenaissanceRe in the second quarter worth about $139,543,000. JPMorgan Chase & Co. increased its position in shares of RenaissanceRe by 152.5% in the second quarter. JPMorgan Chase & Co. now owns 239,330 shares of the insurance provider’s stock worth $58,136,000 after acquiring an additional 144,547 shares in the last quarter. Impax Asset Management Group plc raised its holdings in shares of RenaissanceRe by 11.2% during the second quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock valued at $295,494,000 after acquiring an additional 122,732 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of RenaissanceRe by 17.6% during the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after acquiring an additional 120,063 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. BMO Capital Markets reiterated an “outperform” rating and set a $303.00 price objective on shares of RenaissanceRe in a research report on Friday, December 5th. Wells Fargo & Company raised their target price on RenaissanceRe from $278.00 to $285.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. The Goldman Sachs Group started coverage on RenaissanceRe in a research report on Tuesday, October 14th. They set a “sell” rating and a $256.00 price target on the stock. Evercore ISI set a $244.00 price objective on RenaissanceRe and gave the stock an “in-line” rating in a research report on Wednesday, October 1st. Finally, Barclays set a $278.00 target price on RenaissanceRe in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, RenaissanceRe presently has an average rating of “Hold” and an average price target of $286.29.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $272.76 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.40. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $275.00. The business’s 50-day moving average price is $259.82 and its two-hundred day moving average price is $249.49. The company has a market capitalization of $12.58 billion, a P/E ratio of 7.58, a price-to-earnings-growth ratio of 1.59 and a beta of 0.26.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, topping analysts’ consensus estimates of $9.49 by $6.13. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The business’s quarterly revenue was down 4.8% on a year-over-year basis. During the same period last year, the business earned $10.23 EPS. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Monday, December 15th. RenaissanceRe’s payout ratio is currently 4.45%.

RenaissanceRe Company Profile

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.