RenaissanceRe Holdings Ltd. $RNR Shares Sold by Swiss National Bank

Swiss National Bank trimmed its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 7.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,600 shares of the insurance provider’s stock after selling 7,100 shares during the period. Swiss National Bank owned approximately 0.20% of RenaissanceRe worth $22,735,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH grew its position in shares of RenaissanceRe by 13.8% in the 1st quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 6,897 shares of the insurance provider’s stock worth $1,655,000 after acquiring an additional 838 shares in the last quarter. AE Wealth Management LLC bought a new position in RenaissanceRe in the 1st quarter valued at about $256,000. Avantax Advisory Services Inc. raised its holdings in RenaissanceRe by 7.7% during the first quarter. Avantax Advisory Services Inc. now owns 2,589 shares of the insurance provider’s stock worth $621,000 after purchasing an additional 185 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of RenaissanceRe by 4.0% in the first quarter. Cetera Investment Advisers now owns 4,420 shares of the insurance provider’s stock valued at $1,061,000 after buying an additional 171 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of RenaissanceRe by 0.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,518 shares of the insurance provider’s stock valued at $3,244,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Trading Up 2.8%

NYSE:RNR opened at $262.10 on Wednesday. The company has a market capitalization of $12.09 billion, a P/E ratio of 7.28, a P/E/G ratio of 2.08 and a beta of 0.25. The stock’s 50 day moving average price is $255.46 and its 200 day moving average price is $247.14. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.36 and a current ratio of 1.40. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $290.78.

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

RenaissanceRe Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have recently commented on RNR. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $303.00 target price on shares of RenaissanceRe in a report on Thursday, October 9th. Citigroup initiated coverage on RenaissanceRe in a report on Wednesday, August 13th. They set a “buy” rating and a $288.00 price target on the stock. The Goldman Sachs Group initiated coverage on RenaissanceRe in a research note on Tuesday, October 14th. They issued a “sell” rating and a $256.00 price objective for the company. Barclays set a $278.00 target price on RenaissanceRe in a research note on Wednesday, October 8th. Finally, Cowen restated a “hold” rating on shares of RenaissanceRe in a report on Tuesday, October 7th. Four research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $284.50.

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.