First Citizens Bank & Trust Co. Buys 1,506 Shares of RenaissanceRe Holdings Ltd. (RNR)
First Citizens Bank & Trust Co. raised its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 42.2% during the second quarter, Holdings Channel reports. The fund owned 5,075 shares of the company’s stock after buying an additional 1,506 shares during the period. First Citizens Bank & Trust Co.’s holdings in RenaissanceRe Holdings were worth $596,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Nuveen Asset Management LLC raised its position in RenaissanceRe Holdings by 0.6% in the first quarter. Nuveen Asset Management LLC now owns 16,595 shares of the company’s stock worth $1,989,000 after buying an additional 100 shares during the last quarter. Hancock Holding Co. raised its position in RenaissanceRe Holdings by 3.9% in the first quarter. Hancock Holding Co. now owns 7,362 shares of the company’s stock worth $882,000 after buying an additional 278 shares during the last quarter. Riverhead Capital Management LLC raised its position in RenaissanceRe Holdings by 3.7% in the first quarter. Riverhead Capital Management LLC now owns 10,368 shares of the company’s stock worth $1,242,000 after buying an additional 368 shares during the last quarter. Candriam Luxembourg S.C.A. raised its position in RenaissanceRe Holdings by 8.6% in the second quarter. Candriam Luxembourg S.C.A. now owns 5,539 shares of the company’s stock worth $651,000 after buying an additional 440 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its position in RenaissanceRe Holdings by 6.9% in the second quarter. State of Alaska Department of Revenue now owns 6,965 shares of the company’s stock worth $817,000 after buying an additional 449 shares during the last quarter. 94.78% of the stock is owned by institutional investors and hedge funds.
RenaissanceRe Holdings Ltd. (NYSE:RNR) traded up 0.20% during mid-day trading on Friday, hitting $123.78. The company had a trading volume of 185,189 shares. The company has a 50 day moving average of $120.04 and a 200 day moving average of $116.70. The firm has a market capitalization of $5.10 billion, a PE ratio of 12.56 and a beta of 0.49. RenaissanceRe Holdings Ltd. has a 1-year low of $107.27 and a 1-year high of $124.44.
RenaissanceRe Holdings (NYSE:RNR) last released its quarterly earnings results on Tuesday, July 26th. The company reported $1.55 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.92 by $0.37. The company earned $483.30 million during the quarter, compared to analysts’ expectations of $410.83 million. RenaissanceRe Holdings had a return on equity of 9.41% and a net margin of 27.26%. The company’s revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.18 EPS. Analysts predict that RenaissanceRe Holdings Ltd. will post $7.44 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 1.00%. The ex-dividend date was Tuesday, September 13th. RenaissanceRe Holdings’s payout ratio is currently 12.50%.
A number of research firms have commented on RNR. Keefe, Bruyette & Woods upped their price target on RenaissanceRe Holdings from $130.00 to $134.00 and gave the company a “market perform” rating in a research report on Thursday, July 28th. Citigroup Inc. reaffirmed a “neutral” rating on shares of RenaissanceRe Holdings in a research report on Tuesday, June 21st. Finally, Zacks Investment Research raised RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Wednesday, June 29th. One analyst has rated the stock with a sell rating and six have given a hold rating to the stock. RenaissanceRe Holdings presently has a consensus rating of “Hold” and a consensus price target of $119.14.
In other RenaissanceRe Holdings news, SVP Rider Fonner Todd sold 1,500 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $117.20, for a total value of $175,800.00. Following the completion of the sale, the senior vice president now owns 68,253 shares of the company’s stock, valued at $7,999,251.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Jeffrey D. Kelly sold 12,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $117.31, for a total transaction of $1,407,720.00. Following the completion of the sale, the chief operating officer now directly owns 70,728 shares of the company’s stock, valued at approximately $8,297,101.68. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by company insiders.
About RenaissanceRe Holdings
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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