RenaissanceRe Holdings Ltd. $RNR Stock Sold by Cooke & Bieler LP

Cooke & Bieler LP reduced its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 25.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 578,315 shares of the insurance provider’s stock after selling 198,284 shares during the period. RenaissanceRe comprises 2.7% of Cooke & Bieler LP’s investment portfolio, making the stock its 4th biggest holding. Cooke & Bieler LP’s holdings in RenaissanceRe were worth $184,037,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its stake in RenaissanceRe by 5.6% in the third quarter. Quadrant Capital Group LLC now owns 5,965 shares of the insurance provider’s stock valued at $2,033,000 after purchasing an additional 318 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in RenaissanceRe by 15.6% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,259 shares of the insurance provider’s stock valued at $401,000 after acquiring an additional 170 shares during the period. Prime Capital Investment Advisors LLC bought a new stake in shares of RenaissanceRe in the third quarter valued at approximately $205,000. Ashurst Perkins Coie Trust Co bought a new stake in RenaissanceRe during the 3rd quarter valued at $26,000. Finally, Mather Group LLC. boosted its holdings in shares of RenaissanceRe by 18.0% in the third quarter. Mather Group LLC. now owns 242 shares of the insurance provider’s stock worth $77,000 after acquiring an additional 37 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on RNR shares. JPMorgan Chase & Co. decreased their price target on RenaissanceRe from $360.00 to $355.00 and set a “neutral” rating on the stock in a research report on Friday, October 9th. Jefferies Financial Group upgraded RenaissanceRe from a “hold” rating to a “market outperform” rating in a research report on Tuesday, September 22nd. Morgan Stanley lifted their target price on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a research report on Monday, July 6th. Wolfe Research set a $315.00 price objective on shares of RenaissanceRe in a report on Tuesday, July 7th. Finally, Bank of America increased their target price on RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Six investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $337.50.

RenaissanceRe Trading Up 0.3%

NYSE RNR opened at $355.36 on Thursday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a 50 day simple moving average of $329.74 and a two-hundred day simple moving average of $315.35. The stock has a market cap of $14.77 billion, a P/E ratio of 6.10, a price-to-earnings-growth ratio of 0.99 and a beta of 0.12. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $357.07.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The firm had revenue of $2.77 billion during the quarter. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%. On average, analysts forecast that RenaissanceRe Holdings Ltd. will post 45.66 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Tuesday, September 15th. RenaissanceRe’s dividend payout ratio is 2.81%.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the sale, the executive vice president directly owned 72,907 shares in the company, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.

RenaissanceRe’s reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.