AlphaStar Capital Management LLC Purchases Shares of 3,183 RenaissanceRe Holdings Ltd. (RNR)
AlphaStar Capital Management LLC purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,183 shares of the insurance provider’s stock, valued at approximately $430,000.
Several other hedge funds have also recently added to or reduced their stakes in the company. M&T Bank Corp grew its position in RenaissanceRe by 0.9% during the second quarter. M&T Bank Corp now owns 8,215 shares of the insurance provider’s stock valued at $1,142,000 after purchasing an additional 74 shares in the last quarter. Oppenheimer Asset Management Inc. grew its position in RenaissanceRe by 2.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 2,807 shares of the insurance provider’s stock valued at $390,000 after purchasing an additional 75 shares in the last quarter. ETRADE Capital Management LLC grew its position in RenaissanceRe by 5.2% during the second quarter. ETRADE Capital Management LLC now owns 1,637 shares of the insurance provider’s stock valued at $228,000 after purchasing an additional 81 shares in the last quarter. Mutual of America Capital Management LLC grew its position in RenaissanceRe by 0.8% during the second quarter. Mutual of America Capital Management LLC now owns 32,614 shares of the insurance provider’s stock valued at $4,535,000 after purchasing an additional 263 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in RenaissanceRe by 16.5% during the second quarter. PNC Financial Services Group Inc. now owns 2,352 shares of the insurance provider’s stock valued at $327,000 after purchasing an additional 333 shares in the last quarter. Institutional investors and hedge funds own 93.44% of the company’s stock.
RenaissanceRe Holdings Ltd. (RNR) traded up $1.03 during mid-day trading on Monday, reaching $126.72. 309,600 shares of the company’s stock traded hands, compared to its average volume of 290,374. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. RenaissanceRe Holdings Ltd. has a 12 month low of $120.55 and a 12 month high of $152.00.
RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($12.25) by ($1.56). RenaissanceRe had a negative return on equity of 5.82% and a negative net margin of 7.60%. The business had revenue of $483.22 million during the quarter, compared to the consensus estimate of $300.46 million. During the same period in the prior year, the firm earned $2.09 earnings per share. The business’s revenue was up 70.0% on a year-over-year basis. equities research analysts predict that RenaissanceRe Holdings Ltd. will post -8.23 EPS for the current fiscal year.
RenaissanceRe announced that its Board of Directors has authorized a share buyback program on Friday, November 10th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the insurance provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date is Thursday, December 14th. RenaissanceRe’s payout ratio is -28.01%.
In other news, SVP Sean G. Brosnan sold 1,391 shares of the business’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $135.73, for a total value of $188,800.43. Following the completion of the sale, the senior vice president now directly owns 8,405 shares in the company, valued at $1,140,810.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $135.58, for a total transaction of $677,900.00. Following the completion of the sale, the chief executive officer now owns 193,447 shares of the company’s stock, valued at $26,227,544.26. The disclosure for this sale can be found here. Insiders sold 16,391 shares of company stock valued at $2,199,400 over the last 90 days. 1.80% of the stock is owned by corporate insiders.
A number of research analysts recently commented on the stock. Citigroup decreased their target price on shares of RenaissanceRe from $148.00 to $146.00 and set a “neutral” rating for the company in a research report on Monday, October 2nd. Zacks Investment Research raised shares of RenaissanceRe from a “sell” rating to a “hold” rating in a research report on Friday, November 10th. UBS boosted their target price on shares of RenaissanceRe from $135.00 to $144.00 and gave the stock a “neutral” rating in a research report on Monday, November 6th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $136.00 target price on shares of RenaissanceRe in a research report on Monday, October 16th. Finally, ValuEngine downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. RenaissanceRe has a consensus rating of “Hold” and an average price target of $148.38.
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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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