RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 35.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,345 shares of the insurance provider’s stock after selling 742 shares during the period. Cresset Asset Management LLC’s holdings in RenaissanceRe were worth $335,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Capital World Investors raised its holdings in RenaissanceRe by 8.8% in the fourth quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider’s stock valued at $717,278,000 after acquiring an additional 233,708 shares in the last quarter. Boston Partners raised its holdings in RenaissanceRe by 28.5% in the fourth quarter. Boston Partners now owns 2,013,382 shares of the insurance provider’s stock valued at $500,991,000 after acquiring an additional 446,781 shares in the last quarter. Impax Asset Management Group plc raised its holdings in RenaissanceRe by 10.8% in the fourth quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock valued at $466,969,000 after acquiring an additional 182,530 shares in the last quarter. Geode Capital Management LLC raised its holdings in RenaissanceRe by 24.3% in the fourth quarter. Geode Capital Management LLC now owns 1,144,805 shares of the insurance provider’s stock valued at $284,907,000 after acquiring an additional 223,991 shares in the last quarter. Finally, FIL Ltd raised its holdings in shares of RenaissanceRe by 5.1% during the fourth quarter. FIL Ltd now owns 1,033,691 shares of the insurance provider’s stock worth $257,193,000 after purchasing an additional 49,804 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Morgan Stanley raised shares of RenaissanceRe from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $235.00 to $275.00 in a report on Friday, April 25th. Wells Fargo & Company dropped their target price on shares of RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating on the stock in a report on Thursday, April 10th. Jefferies Financial Group dropped their target price on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Barclays dropped their target price on shares of RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating on the stock in a report on Friday, April 11th. Finally, JPMorgan Chase & Co. raised shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 target price on the stock in a report on Tuesday, April 8th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $282.60.

RenaissanceRe Stock Up 1.3%

RenaissanceRe stock opened at $246.29 on Friday. The company has a 50-day simple moving average of $240.05 and a 200-day simple moving average of $249.14. The firm has a market capitalization of $11.98 billion, a P/E ratio of 7.03, a P/E/G ratio of 2.09 and a beta of 0.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. RenaissanceRe Holdings Ltd. has a one year low of $208.98 and a one year high of $300.00.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) 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 the consensus estimate of $3.36 billion. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. The firm’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $12.18 EPS. As a group, equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.40 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.65%. RenaissanceRe’s dividend payout ratio is presently 5.10%.

Insider Activity at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the stock in a transaction dated Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total value of $82,847.28. Following the completion of the transaction, the chief accounting officer now owns 27,154 shares in the company, valued at $6,776,009.16. This represents a 1.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 2.00% of the stock is currently owned by insiders.

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.