W.E. Donoghue & Co. LLC acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 14,265 shares of the insurance provider’s stock, valued at approximately $2,539,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Parallel Advisors LLC lifted its position in shares of RenaissanceRe by 862.1% during the 1st quarter. Parallel Advisors LLC now owns 558 shares of the insurance provider’s stock valued at $80,000 after acquiring an additional 500 shares during the period. Quadrant Capital Group LLC lifted its position in shares of RenaissanceRe by 138.6% during the 1st quarter. Quadrant Capital Group LLC now owns 847 shares of the insurance provider’s stock valued at $116,000 after acquiring an additional 492 shares during the period. Contravisory Investment Management Inc. bought a new stake in shares of RenaissanceRe during the 2nd quarter valued at $140,000. ETF Managers Group LLC lifted its position in shares of RenaissanceRe by 11.1% during the 1st quarter. ETF Managers Group LLC now owns 1,041 shares of the insurance provider’s stock valued at $149,000 after acquiring an additional 104 shares during the period. Finally, Machina Capital S.A.S. bought a new stake in shares of RenaissanceRe during the 2nd quarter worth $166,000. 94.98% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages recently weighed in on RNR. Barclays restated a “sell” rating on shares of RenaissanceRe in a research report on Tuesday, July 2nd. JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $154.00 to $187.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. UBS Group upped their price objective on RenaissanceRe from $144.00 to $153.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 9th. Deutsche Bank downgraded RenaissanceRe from a “buy” rating to a “hold” rating and set a $186.00 price objective for the company. in a research report on Monday, July 15th. They noted that the move was a valuation call. Finally, ValuEngine upgraded RenaissanceRe from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. RenaissanceRe currently has an average rating of “Hold” and an average target price of $162.45.
RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, July 23rd. The insurance provider reported $4.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.58 by $1.20. RenaissanceRe had a return on equity of 8.87% and a net margin of 19.47%. The business had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $824.40 million. During the same quarter in the prior year, the firm earned $5.23 EPS. The business’s revenue for the quarter was up 69.2% compared to the same quarter last year. As a group, analysts predict that RenaissanceRe Holdings Ltd. will post 14.15 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.36 dividend on an annualized basis and a yield of 0.75%. RenaissanceRe’s payout ratio is presently 14.83%.
In other RenaissanceRe news, SVP Sean G. Brosnan sold 931 shares of the company’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $183.91, for a total value of $171,220.21. Following the completion of the transaction, the senior vice president now owns 8,779 shares of the company’s stock, valued at approximately $1,614,545.89. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Ian D. Branagan sold 2,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $160.00, for a total value of $320,000.00. Following the completion of the transaction, the senior vice president now directly owns 50,617 shares of the company’s stock, valued at approximately $8,098,720. The disclosure for this sale can be found here. In the last ninety days, insiders sold 22,931 shares of company stock valued at $4,017,820. Insiders own 1.60% of the company’s stock.
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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