Boston Partners lessened its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 56.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 456,832 shares of the insurance provider’s stock after selling 594,957 shares during the period. Boston Partners owned 1.03% of RenaissanceRe worth $81,350,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in RNR. Motco acquired a new position in RenaissanceRe during the second quarter valued at approximately $25,000. Krane Funds Advisors LLC acquired a new position in RenaissanceRe during the second quarter valued at approximately $25,000. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new position in RenaissanceRe during the second quarter valued at approximately $75,000. Advisory Services Network LLC grew its holdings in RenaissanceRe by 1,340.0% during the second quarter. Advisory Services Network LLC now owns 432 shares of the insurance provider’s stock valued at $77,000 after purchasing an additional 402 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in RenaissanceRe during the second quarter valued at approximately $107,000. Institutional investors own 94.99% of the company’s stock.
RNR stock traded down $0.40 during midday trading on Wednesday, hitting $189.58. The stock had a trading volume of 9,006 shares, compared to its average volume of 261,540. The firm has a market capitalization of $8.23 billion, a price-to-earnings ratio of 20.68, a P/E/G ratio of 1.35 and a beta of 0.31. RenaissanceRe Holdings Ltd. has a 52 week low of $118.28 and a 52 week high of $193.34. The stock has a 50-day simple moving average of $186.12 and a 200 day simple moving average of $169.44. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.26.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 0.72%. RenaissanceRe’s dividend payout ratio is 14.83%.
Several equities research analysts have recently issued reports on the stock. Deutsche Bank downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating and set a $186.00 price objective on the stock. in a research note on Monday, July 15th. They noted that the move was a valuation call. ValuEngine downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday, August 30th. Morgan Stanley raised their price objective on shares of RenaissanceRe from $164.00 to $193.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Barclays restated a “sell” rating on shares of RenaissanceRe in a research note on Tuesday, July 2nd. Finally, Wells Fargo & Co raised their price objective on shares of RenaissanceRe from $155.00 to $175.00 and gave the stock a “market perform” rating in a research note on Thursday, July 11th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $167.64.
In related news, SVP Sean G. Brosnan sold 931 shares of RenaissanceRe stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $183.91, for a total value of $171,220.21. Following the completion of the sale, the senior vice president now directly owns 8,779 shares in the company, valued at $1,614,545.89. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Kevin Odonnell sold 28,375 shares of RenaissanceRe stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $182.05, for a total value of $5,165,668.75. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.
RenaissanceRe Holdings Ltd. provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.
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