Principal Financial Group Inc. Sells 2,041 Shares of RenaissanceRe Holdings Ltd. $RNR

Principal Financial Group Inc. decreased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 97,098 shares of the insurance provider’s stock after selling 2,041 shares during the period. Principal Financial Group Inc. owned approximately 0.23% of RenaissanceRe worth $28,860,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in RNR. Lightrock Netherlands B.V. lifted its stake in RenaissanceRe by 4,690.1% in the fourth quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock worth $286,083,000 after purchasing an additional 996,266 shares during the last quarter. Orbis Allan Gray Ltd bought a new position in shares of RenaissanceRe during the fourth quarter valued at about $178,519,000. Norges Bank bought a new position in shares of RenaissanceRe during the fourth quarter valued at about $168,582,000. Egerton Capital UK LLP bought a new position in shares of RenaissanceRe during the fourth quarter valued at about $137,944,000. Finally, GQG Partners LLC purchased a new position in shares of RenaissanceRe in the fourth quarter worth about $108,780,000. Institutional investors own 99.97% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on RNR. Morgan Stanley boosted their target price on RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Wolfe Research set a $315.00 price target on RenaissanceRe in a research report on Tuesday, July 7th. Evercore set a $320.00 price target on RenaissanceRe in a research note on Friday, July 10th. Barclays boosted their price objective on RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 7th. Finally, Wall Street Zen lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and a consensus target price of $331.80.

RenaissanceRe Trading Down 0.1%

Shares of RNR opened at $322.88 on Monday. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $329.57. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The firm’s 50-day moving average price is $302.22 and its 200-day moving average price is $297.08. The firm has a market capitalization of $13.76 billion, a price-to-earnings ratio of 5.38, a PEG ratio of 1.26 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The company had revenue of $2.19 billion during the quarter. Sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.57 EPS for the current year.

RenaissanceRe Announces Dividend

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

RenaissanceRe Company 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.