RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by Strategic Investment Advisors MI

Strategic Investment Advisors MI lowered its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.1% in the first quarter, Holdings Channel reports. The institutional investor owned 1,689 shares of the insurance provider’s stock after selling 54 shares during the quarter. Strategic Investment Advisors MI’s holdings in RenaissanceRe were worth $405,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in RNR. Bank of America Corp DE boosted its stake in RenaissanceRe by 17.9% during the 4th quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider’s stock valued at $203,339,000 after acquiring an additional 124,125 shares during the last quarter. Miracle Mile Advisors LLC bought a new stake in shares of RenaissanceRe in the 1st quarter worth about $271,000. Trexquant Investment LP acquired a new stake in shares of RenaissanceRe in the 4th quarter valued at about $561,000. Deutsche Bank AG lifted its position in shares of RenaissanceRe by 4.2% during the fourth quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider’s stock worth $2,666,000 after purchasing an additional 431 shares during the last quarter. Finally, Franklin Resources Inc. bought a new position in shares of RenaissanceRe during the fourth quarter worth about $1,086,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

Insiders Place Their Bets

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the business’s stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the completion of the transaction, the chief accounting officer now owns 27,154 shares in the company, valued at approximately $6,776,009.16. The trade was a 1.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.30% of the stock is owned by insiders.

RenaissanceRe Trading Down 1.5%

NYSE:RNR opened at $240.51 on Thursday. The firm has a market capitalization of $11.70 billion, a P/E ratio of 7.67, a P/E/G ratio of 2.93 and a beta of 0.31. The business has a 50 day simple moving average of $243.64 and a 200 day simple moving average of $243.85. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.36. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($1.17). The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.36 billion. RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The business’s revenue was up 7.6% compared to the same quarter last year. During the same period last year, the firm posted $12.18 EPS. Equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date is Friday, June 13th. RenaissanceRe’s payout ratio is 5.10%.

Analyst Upgrades and Downgrades

RNR has been the topic of several research reports. Jefferies Financial Group cut their price objective on RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Wells Fargo & Company dropped their price target on RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Morgan Stanley set a $285.00 price objective on RenaissanceRe and gave the stock an “overweight” rating in a research note on Monday, May 19th. Barclays decreased their price objective on shares of RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating for the company in a report on Friday, April 11th. Finally, Keefe, Bruyette & Woods increased their target price on shares of RenaissanceRe from $279.00 to $282.00 and gave the stock an “outperform” rating in a report on Tuesday, April 29th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, RenaissanceRe currently has an average rating of “Hold” and an average target price of $283.60.

RenaissanceRe 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.