Bessemer Group Inc. reduced its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 24.4% during the second quarter, Holdings Channel reports. The institutional investor owned 169,279 shares of the insurance provider’s stock after selling 54,727 shares during the period. Bessemer Group Inc.’s holdings in RenaissanceRe Holdings were worth $23,538,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. American International Group Inc. raised its stake in RenaissanceRe Holdings by 2.9% in the first quarter. American International Group Inc. now owns 86,937 shares of the insurance provider’s stock worth $12,575,000 after buying an additional 2,429 shares in the last quarter. Moon Capital Management LLC raised its stake in RenaissanceRe Holdings by 2.5% in the first quarter. Moon Capital Management LLC now owns 17,731 shares of the insurance provider’s stock worth $2,565,000 after buying an additional 434 shares in the last quarter. First Manhattan Co. bought a new stake in RenaissanceRe Holdings during the first quarter worth about $1,699,000. State of Alaska Department of Revenue raised its stake in RenaissanceRe Holdings by 5.2% in the first quarter. State of Alaska Department of Revenue now owns 7,216 shares of the insurance provider’s stock worth $1,043,000 after buying an additional 355 shares in the last quarter. Finally, Capstone Asset Management Co. raised its stake in RenaissanceRe Holdings by 1.4% in the first quarter. Capstone Asset Management Co. now owns 5,992 shares of the insurance provider’s stock worth $867,000 after buying an additional 80 shares in the last quarter. 92.56% of the stock is currently owned by institutional investors.

Shares of RenaissanceRe Holdings Ltd. (RNR) opened at 147.87 on Friday. RenaissanceRe Holdings Ltd. has a 12 month low of $116.10 and a 12 month high of $152.00. The stock’s 50 day moving average price is $141.99 and its 200 day moving average price is $142.29. The firm has a market cap of $5.95 billion, a price-to-earnings ratio of 12.62 and a beta of 0.65.

RenaissanceRe Holdings (NYSE:RNR) last issued its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, beating analysts’ consensus estimates of $2.33 by $0.46. The firm had revenue of $555.75 million during the quarter, compared to the consensus estimate of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. RenaissanceRe Holdings’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.55 earnings per share. Equities research analysts predict that RenaissanceRe Holdings Ltd. will post $8.66 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend is Thursday, September 14th. RenaissanceRe Holdings’s dividend payout ratio is currently 10.90%.

RenaissanceRe Holdings declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 17th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the insurance provider to reacquire up to 99% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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RNR has been the topic of a number of analyst reports. Wells Fargo & Company reaffirmed a “hold” rating on shares of RenaissanceRe Holdings in a research report on Sunday, April 16th. Zacks Investment Research lowered RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a research report on Friday, May 5th. ValuEngine raised RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Morgan Stanley reaffirmed an “equal weight” rating and issued a $144.00 price target (up previously from $138.00) on shares of RenaissanceRe Holdings in a research report on Friday, July 7th. Finally, J P Morgan Chase & Co lowered RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $165.00 to $145.00 in a research report on Friday, July 28th. Ten equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. RenaissanceRe Holdings currently has a consensus rating of “Hold” and an average price target of $143.20.

In related news, SVP Ross Curtis sold 5,300 shares of the stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total value of $785,619.00. Following the completion of the transaction, the senior vice president now owns 98,564 shares of the company’s stock, valued at $14,610,141.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Stephen Howard Weinstein sold 14,000 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $143.19, for a total value of $2,004,660.00. Following the completion of the transaction, the senior vice president now directly owns 75,162 shares of the company’s stock, valued at approximately $10,762,446.78. The disclosure for this sale can be found here. Insiders sold 57,644 shares of company stock valued at $8,462,507 in the last three months. 1.80% of the stock is currently owned by company insiders.

RenaissanceRe Holdings Company Profile

RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.

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Institutional Ownership by Quarter for RenaissanceRe Holdings (NYSE:RNR)

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