Estabrook Capital Management Decreases Holdings in RenaissanceRe Holdings Ltd. (RNR)

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Estabrook Capital Management cut its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 20.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,063 shares of the insurance provider’s stock after selling 4,171 shares during the quarter. Estabrook Capital Management’s holdings in RenaissanceRe were worth $2,148,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Engineers Gate Manager LP acquired a new position in shares of RenaissanceRe in the 3rd quarter valued at $200,000. LSV Asset Management increased its holdings in shares of RenaissanceRe by 33.7% in the 3rd quarter. LSV Asset Management now owns 31,431 shares of the insurance provider’s stock valued at $4,198,000 after acquiring an additional 7,931 shares during the period. SG Americas Securities LLC increased its holdings in shares of RenaissanceRe by 14.9% in the 3rd quarter. SG Americas Securities LLC now owns 40,108 shares of the insurance provider’s stock valued at $5,358,000 after acquiring an additional 5,199 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of RenaissanceRe by 61.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 97,227 shares of the insurance provider’s stock valued at $12,987,000 after acquiring an additional 36,837 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its holdings in shares of RenaissanceRe by 1.8% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 27,640 shares of the insurance provider’s stock valued at $3,692,000 after acquiring an additional 500 shares during the period. Hedge funds and other institutional investors own 95.15% of the company’s stock.

A number of brokerages have recently commented on RNR. TheStreet raised shares of RenaissanceRe from a “c+” rating to a “b” rating in a report on Thursday, February 7th. Keefe, Bruyette & Woods raised shares of RenaissanceRe from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $143.00 to $168.00 in a research note on Monday, December 10th. Wells Fargo & Co reissued a “hold” rating and issued a $125.00 price objective on shares of RenaissanceRe in a research note on Tuesday, January 29th. Bank of America cut shares of RenaissanceRe from a “neutral” rating to an “underperform” rating in a research note on Wednesday, January 16th. Finally, Zacks Investment Research cut shares of RenaissanceRe from a “hold” rating to a “sell” rating in a research note on Wednesday, January 2nd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. RenaissanceRe has a consensus rating of “Hold” and an average target price of $143.70.

In other RenaissanceRe news, SVP Sean G. Brosnan sold 1,250 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $145.97, for a total transaction of $182,462.50. Following the sale, the senior vice president now directly owns 10,960 shares in the company, valued at approximately $1,599,831.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jonathan Paradine sold 20,000 shares of the business’s stock in a transaction on Monday, December 31st. The stock was sold at an average price of $132.79, for a total transaction of $2,655,800.00. The disclosure for this sale can be found here. Insiders have sold a total of 41,250 shares of company stock worth $5,494,063 over the last 90 days. Insiders own 1.50% of the company’s stock.

Shares of RNR opened at $146.29 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.71 and a current ratio of 1.71. The firm has a market capitalization of $6.13 billion, a price-to-earnings ratio of 15.95, a PEG ratio of 1.37 and a beta of 0.50. RenaissanceRe Holdings Ltd. has a 1 year low of $117.35 and a 1 year high of $147.85.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, January 29th. The insurance provider reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.93) by $1.95. The company had revenue of $633.44 million for the quarter, compared to analysts’ expectations of $545.60 million. RenaissanceRe had a net margin of 10.96% and a return on equity of 9.18%. As a group, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 11.07 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Friday, March 15th will be given a dividend of $0.34 per share. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a dividend yield of 0.93%. The ex-dividend date of this dividend is Thursday, March 14th. RenaissanceRe’s payout ratio is presently 14.39%.

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About RenaissanceRe

RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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, and binding facilities and regional U.S.

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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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