Securian Asset Management Inc cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.3% in the second quarter, Holdings Channel.com reports. The firm owned 4,562 shares of the insurance provider’s stock after selling 254 shares during the quarter. Securian Asset Management Inc’s holdings in RenaissanceRe were worth $679,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ameritas Investment Company LLC acquired a new position in RenaissanceRe in the 1st quarter worth $28,000. Eaton Vance Management acquired a new position in shares of RenaissanceRe during the 1st quarter worth about $37,000. PNC Managed Account Solutions Inc. acquired a new position in shares of RenaissanceRe during the 2nd quarter worth about $88,000. Baird Financial Group Inc. acquired a new position in shares of RenaissanceRe during the 1st quarter worth about $210,000. Finally, Captrust Financial Advisors boosted its stake in shares of RenaissanceRe by 138.5% during the 1st quarter. Captrust Financial Advisors now owns 1,350 shares of the insurance provider’s stock worth $216,000 after buying an additional 784 shares during the last quarter. 95.32% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently commented on RNR. reduced their price objective on shares of RenaissanceRe from $186.00 to $164.00 and set a “neutral” rating for the company in a research note on Monday, June 21st. Morgan Stanley raised their target price on shares of RenaissanceRe from $179.00 to $182.00 and gave the company an “equal weight” rating in a research note on Monday, August 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, RenaissanceRe currently has an average rating of “Hold” and a consensus price target of $184.71.
RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Thursday, July 22nd. The insurance provider reported $5.64 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.74 by $0.90. The firm had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.50 billion. RenaissanceRe had a net margin of 8.54% and a return on equity of 1.51%. The business’s revenue was up 28.1% on a year-over-year basis. During the same period in the prior year, the firm earned $4.06 EPS. As a group, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 11.07 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Wednesday, September 15th will be issued a $0.36 dividend. The ex-dividend date of this dividend is Tuesday, September 14th. This represents a $1.44 annualized dividend and a yield of 1.00%. RenaissanceRe’s dividend payout ratio is currently 1,200.00%.
RenaissanceRe Holdings Ltd. engages in the provision of reinsurance and insurance services. It operates through the following segments: Property, Casualty and Specialty, and Other. The Property segment comprises of catastrophe, and other property reinsurance and insurance. The Casualty and Specialty segment deals with casualty and specialty reinsurance and insurance.
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