Sei Investments Co. raised its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 48.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 97,102 shares of the insurance provider’s stock after buying an additional 31,575 shares during the period. Sei Investments Co. owned approximately 0.24% of RenaissanceRe Holdings worth $13,503,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Macquarie Group Ltd. boosted its stake in shares of RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock worth $193,000 after buying an additional 314 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of RenaissanceRe Holdings by 7.6% in the first quarter. Quadrant Capital Group LLC now owns 826 shares of the insurance provider’s stock worth $114,000 after buying an additional 58 shares during the last quarter. Capstone Asset Management Co. boosted its stake in shares of 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 during the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of RenaissanceRe Holdings by 1.0% in the first quarter. Louisiana State Employees Retirement System now owns 10,300 shares of the insurance provider’s stock worth $1,490,000 after buying an additional 100 shares during the last quarter. Finally, Moon Capital Management LLC boosted its stake in shares of 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 during the last quarter. Institutional investors own 93.23% of the company’s stock.

Shares of RenaissanceRe Holdings Ltd. (RNR) opened at 147.51 on Tuesday. RenaissanceRe Holdings Ltd. has a 1-year low of $116.10 and a 1-year high of $152.00. The firm has a 50-day moving average of $141.99 and a 200 day moving average of $142.29. The stock has a market capitalization of $5.94 billion, a PE ratio of 12.59 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 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The business had revenue of $555.75 million for the quarter, compared to the consensus estimate of $540.65 million. During the same quarter in the previous year, the firm earned $1.55 earnings per share. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. Analysts predict that RenaissanceRe Holdings Ltd. will post $8.66 EPS for the current year.

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

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

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A number of analysts recently commented on RNR shares. Wells Fargo & Company restated a “hold” rating on shares of RenaissanceRe Holdings in a research note on Sunday, April 16th. Zacks Investment Research cut shares of RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a research note on Friday, May 5th. ValuEngine upgraded shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub cut shares of RenaissanceRe Holdings from a “hold” rating to a “sell” rating in a research note on Tuesday, June 13th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $143.00 price target on shares of RenaissanceRe Holdings in a research note on Wednesday, June 28th. Ten research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. RenaissanceRe Holdings currently has an average rating of “Hold” and an average target price of $143.20.

In other RenaissanceRe Holdings news, SVP Stephen Howard Weinstein sold 14,000 shares of RenaissanceRe Holdings stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $143.19, for a total transaction of $2,004,660.00. Following the transaction, the senior vice president now owns 75,162 shares of the company’s stock, valued at $10,762,446.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kevin Odonnell sold 38,344 shares of RenaissanceRe Holdings stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the transaction, the chief executive officer now directly owns 208,150 shares in the company, valued at approximately $30,791,629.50. The disclosure for this sale can be found here. Insiders have sold 57,644 shares of company stock worth $8,462,507 in the last ninety days. Insiders own 1.80% of the company’s stock.

About RenaissanceRe Holdings

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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