Vanguard Group Inc. Buys 87,599 Shares of RenaissanceRe Holdings Ltd. (RNR)
Vanguard Group Inc. increased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 3,524,571 shares of the company’s stock after buying an additional 87,599 shares during the period. Vanguard Group Inc. owned approximately 8.55% of RenaissanceRe Holdings worth $413,926,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of RNR. Legal & General Group Plc boosted its stake in RenaissanceRe Holdings by 4.4% in the first quarter. Legal & General Group Plc now owns 221,610 shares of the company’s stock worth $26,560,000 after buying an additional 9,358 shares in the last quarter. Pictet Asset Management Ltd. boosted its stake in RenaissanceRe Holdings by 2.5% in the first quarter. Pictet Asset Management Ltd. now owns 74,187 shares of the company’s stock worth $8,398,000 after buying an additional 1,800 shares in the last quarter. NN Investment Partners Holdings N.V. acquired a new stake in RenaissanceRe Holdings during the first quarter worth $2,187,000. Geode Capital Management LLC boosted its stake in RenaissanceRe Holdings by 1.9% in the first quarter. Geode Capital Management LLC now owns 305,033 shares of the company’s stock worth $36,533,000 after buying an additional 5,588 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in RenaissanceRe Holdings by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 1,164,621 shares of the company’s stock worth $136,766,000 after buying an additional 73,621 shares in the last quarter. 94.78% of the stock is owned by institutional investors and hedge funds.
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at 122.26 on Wednesday. The stock has a 50 day moving average price of $119.18 and a 200 day moving average price of $116.47. The firm has a market capitalization of $5.04 billion, a PE ratio of 12.40 and a beta of 0.49. RenaissanceRe Holdings Ltd. has a 1-year low of $107.13 and a 1-year high of $122.97.
RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $1.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.92 by $0.37. The company earned $483.30 million during the quarter, compared to the consensus estimate of $410.83 million. RenaissanceRe Holdings had a net margin of 27.26% and a return on equity of 9.41%. The company’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.18 earnings per share. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post $7.36 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 15th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Tuesday, September 13th. RenaissanceRe Holdings’s dividend payout ratio (DPR) is currently 12.50%.
RNR has been the subject of a number of recent analyst reports. Zacks Investment Research cut RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, July 5th. Keefe, Bruyette & Woods cut RenaissanceRe Holdings from an “outperform” rating to a “market perform” rating in a report on Monday, July 11th. Finally, Citigroup Inc. reaffirmed a “neutral” rating on shares of RenaissanceRe Holdings in a report on Tuesday, June 21st. Two research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $119.14.
In related news, COO Jeffrey D. Kelly sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $117.31, for a total value of $1,407,720.00. Following the completion of the sale, the chief operating officer now directly owns 70,728 shares in the company, valued at $8,297,101.68. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Ian D. Branagan sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $117.32, for a total value of $234,640.00. Following the completion of the sale, the senior vice president now owns 55,589 shares of the company’s stock, valued at $6,521,701.48. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate insiders.
RenaissanceRe Holdings Company Profile
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services. The Company’s core products include property catastrophe reinsurance and specialty reinsurance risks. The Company’s segments include Catastrophe Reinsurance, Specialty Reinsurance and Lloyd’s. Catastrophe Reinsurance includes catastrophe reinsurance and certain property catastrophe joint ventures managed by the Company’s ventures unit.
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