Lord Abbett & CO. LLC Sells 70,676 Shares of RenaissanceRe Holdings Ltd. $RNR

Lord Abbett & CO. LLC reduced its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 17.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 340,503 shares of the insurance provider’s stock after selling 70,676 shares during the quarter. Lord Abbett & CO. LLC owned about 0.74% of RenaissanceRe worth $95,736,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP boosted its position in shares of RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC boosted its position in shares of RenaissanceRe by 235.0% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 94 shares in the last quarter. Kingdom Financial Group LLC. bought a new stake in shares of RenaissanceRe in the 4th quarter worth approximately $36,000. SBI Securities Co. Ltd. boosted its position in shares of RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after purchasing an additional 37 shares in the last quarter. Finally, Clearstead Advisors LLC boosted its position in shares of RenaissanceRe by 134.7% in the 4th quarter. Clearstead Advisors LLC now owns 176 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 101 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RNR shares. UBS Group upped their price objective on RenaissanceRe from $319.00 to $326.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Mizuho set a $325.00 price objective on RenaissanceRe in a research report on Monday, May 4th. TD Cowen upped their price objective on RenaissanceRe from $280.00 to $290.00 and gave the company a “hold” rating in a research report on Thursday, February 26th. Keefe, Bruyette & Woods upped their price objective on RenaissanceRe from $323.00 to $327.00 and gave the company a “market perform” rating in a research report on Tuesday, April 7th. Finally, Weiss Ratings cut RenaissanceRe from a “buy (b+)” rating to a “buy (b)” rating in a research report on Thursday. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and a consensus price target of $323.64.

RenaissanceRe Price Performance

Shares of RNR opened at $300.49 on Friday. The firm has a market cap of $12.81 billion, a PE ratio of 5.01, a P/E/G ratio of 1.12 and a beta of 0.18. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22. The firm has a fifty day simple moving average of $299.00 and a two-hundred day simple moving average of $289.32. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $318.20.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. The business had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. On average, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.05 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.41 per share. The ex-dividend date is Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s payout ratio is currently 2.73%.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.