Sumitomo Mitsui Asset Management Company LTD Holds Position in RenaissanceRe Holdings Ltd. (RNR)
Sumitomo Mitsui Asset Management Company LTD maintained its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the second quarter, Holdings Channel reports. The firm owned 3,018 shares of the insurance provider’s stock at the end of the second quarter. Sumitomo Mitsui Asset Management Company LTD’s holdings in RenaissanceRe Holdings were worth $419,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. 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 in the last quarter. 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 in the last quarter. Neuburgh Advisers LLC boosted its stake in shares of RenaissanceRe Holdings by 4.6% in the first quarter. Neuburgh Advisers LLC now owns 1,456 shares of the insurance provider’s stock worth $211,000 after buying an additional 64 shares in the last quarter. Parametrica Management Ltd acquired a new stake in shares of RenaissanceRe Holdings during the second quarter worth approximately $220,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of RenaissanceRe Holdings during the first quarter worth approximately $231,000. 93.23% of the stock is owned by institutional investors and hedge funds.
RenaissanceRe Holdings Ltd. (NYSE:RNR) opened at 148.41 on Friday. RenaissanceRe Holdings Ltd. has a 52-week low of $116.27 and a 52-week high of $152.00. The firm has a 50 day moving average of $143.43 and a 200-day moving average of $142.74. The company has a market capitalization of $5.98 billion, a price-to-earnings ratio of 12.67 and a beta of 0.65.
RenaissanceRe Holdings (NYSE:RNR) last posted its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.49%. The company had revenue of $555.75 million during the quarter, compared to analyst estimates of $540.65 million. During the same period last year, the firm posted $1.55 EPS. RenaissanceRe Holdings’s revenue for the quarter was up 6.9% compared to the same quarter last year. Equities analysts expect that RenaissanceRe Holdings Ltd. will post $8.66 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date is Thursday, September 14th. RenaissanceRe Holdings’s dividend payout ratio is presently 10.90%.
RenaissanceRe Holdings declared that its board has authorized a stock repurchase plan on Wednesday, May 17th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the insurance provider to repurchase up to 99% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
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A number of analysts have commented on the stock. BidaskClub raised shares of RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a report on Thursday, August 3rd. ValuEngine raised shares of RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, July 28th. Wells Fargo & Company reaffirmed a “hold” rating and set a $140.00 target price on shares of RenaissanceRe Holdings in a report on Wednesday, July 26th. UBS Group AG reaffirmed a “neutral” rating and set a $145.00 target price (up from $139.00) on shares of RenaissanceRe Holdings in a report on Tuesday, August 1st. Finally, J P Morgan Chase & Co cut shares of RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $165.00 to $145.00 in a report on Friday, July 28th. Ten research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $143.20.
In other news, 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 completion of the transaction, the chief executive officer now directly owns 208,150 shares of the company’s stock, valued at approximately $30,791,629.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Ross Curtis sold 5,300 shares of RenaissanceRe Holdings stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $148.23, for a total transaction of $785,619.00. Following the transaction, the senior vice president now directly owns 98,564 shares of the company’s stock, valued at $14,610,141.72. The disclosure for this sale can be found here. Insiders have sold a total of 57,644 shares of company stock valued at $8,462,507 over the last three months. 1.80% of the stock is currently owned by insiders.
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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