RenaissanceRe Holdings Ltd. (NYSE:RNR) CFO Sells $586,400.00 in Stock

RenaissanceRe Holdings Ltd. (NYSE:RNRGet Free Report) CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total transaction of $586,400.00. Following the completion of the transaction, the chief financial officer now owns 70,424 shares in the company, valued at $16,518,653.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

RenaissanceRe Stock Performance

NYSE RNR opened at $225.94 on Monday. The stock has a market cap of $11.56 billion, a P/E ratio of 4.41, a PEG ratio of 2.55 and a beta of 0.31. The company’s 50-day simple moving average is $206.64 and its 200 day simple moving average is $203.25. RenaissanceRe Holdings Ltd. has a twelve month low of $174.22 and a twelve month high of $235.14. The company has a quick ratio of 1.45, a current ratio of 1.40 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNRGet Free Report) last posted its earnings results on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share for the quarter, beating analysts’ consensus estimates of $8.13 by $3.64. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.83 billion. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $7.33 earnings per share. As a group, research analysts forecast that RenaissanceRe Holdings Ltd. will post 34.17 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be paid a $0.39 dividend. The ex-dividend date is Thursday, March 14th. This represents a $1.56 dividend on an annualized basis and a yield of 0.69%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.38. RenaissanceRe’s payout ratio is presently 2.97%.

Institutional Trading of RenaissanceRe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in RenaissanceRe by 2.3% in the third quarter. Vanguard Group Inc. now owns 5,417,518 shares of the insurance provider’s stock valued at $1,072,235,000 after buying an additional 120,302 shares during the period. BlackRock Inc. lifted its holdings in RenaissanceRe by 10.8% in the second quarter. BlackRock Inc. now owns 4,503,190 shares of the insurance provider’s stock valued at $839,935,000 after buying an additional 440,083 shares during the period. Capital World Investors lifted its holdings in RenaissanceRe by 5.4% in the first quarter. Capital World Investors now owns 2,550,441 shares of the insurance provider’s stock valued at $404,270,000 after buying an additional 129,891 shares during the period. State Street Corp lifted its holdings in RenaissanceRe by 4.4% in the second quarter. State Street Corp now owns 2,197,056 shares of the insurance provider’s stock valued at $409,795,000 after buying an additional 93,549 shares during the period. Finally, Boston Partners lifted its holdings in RenaissanceRe by 7.1% in the third quarter. Boston Partners now owns 2,052,716 shares of the insurance provider’s stock valued at $406,390,000 after buying an additional 135,861 shares during the period. Institutional investors own 91.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. TD Cowen assumed coverage on shares of RenaissanceRe in a research note on Wednesday, January 10th. They issued a “market perform” rating on the stock. BMO Capital Markets raised their target price on shares of RenaissanceRe from $216.00 to $295.00 and gave the company an “outperform” rating in a research note on Monday, February 5th. UBS Group raised their target price on shares of RenaissanceRe from $229.00 to $238.00 and gave the company a “neutral” rating in a research note on Monday, February 5th. Citigroup began coverage on shares of RenaissanceRe in a research report on Wednesday, November 22nd. They issued a “buy” rating and a $251.00 price target on the stock. Finally, Evercore ISI began coverage on shares of RenaissanceRe in a report on Thursday, December 14th. They set an “underperform” rating and a $200.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $240.90.

Read Our Latest Report on RenaissanceRe

About RenaissanceRe

(Get Free Report)

RenaissanceRe Holdings Ltd., together with its subsidiaries, 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 reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as 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, binding facilities, and regional U.S.

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