Park Place Capital Corp Lowers Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Park Place Capital Corp lessened its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 39.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 126 shares of the insurance provider’s stock after selling 81 shares during the period. Park Place Capital Corp’s holdings in RenaissanceRe were worth $28,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Riverview Trust Co acquired a new position in shares of RenaissanceRe during the 1st quarter worth approximately $26,000. Rise Advisors LLC acquired a new position in RenaissanceRe in the 1st quarter valued at $31,000. Mather Group LLC. acquired a new position in RenaissanceRe in the 1st quarter valued at $34,000. GAMMA Investing LLC acquired a new position in RenaissanceRe in the 4th quarter valued at $37,000. Finally, Daiwa Securities Group Inc. acquired a new position in RenaissanceRe in the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

RenaissanceRe stock traded down $6.37 during trading hours on Monday, hitting $228.30. The stock had a trading volume of 260,158 shares, compared to its average volume of 341,736. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a market capitalization of $11.91 billion, a price-to-earnings ratio of 5.18, a PEG ratio of 1.28 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a 1-year low of $174.22 and a 1-year high of $239.42. The stock’s fifty day moving average is $224.15 and its two-hundred day moving average is $224.69.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.68%. The ex-dividend date is Friday, September 13th. RenaissanceRe’s payout ratio is currently 3.45%.

Insider Activity at RenaissanceRe

In related news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares in the company, valued at $16,598,352.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the transaction, the executive vice president now directly owns 85,544 shares in the company, valued at approximately $19,675,120. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the transaction, the chief financial officer now owns 73,915 shares in the company, valued at $16,598,352.40. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RNR. UBS Group reduced their price objective on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Morgan Stanley cut their target price on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research note on Wednesday, July 10th. Evercore ISI raised their target price on RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. StockNews.com raised RenaissanceRe from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. raised their target price on RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research note on Thursday, July 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $263.40.

RenaissanceRe Profile

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.