Jennison Associates LLC Sells 31,852 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Jennison Associates LLC reduced its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 8.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 359,679 shares of the insurance provider’s stock after selling 31,852 shares during the quarter. Jennison Associates LLC owned 0.69% of RenaissanceRe worth $89,492,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Rockefeller Capital Management L.P. bought a new position in RenaissanceRe during the third quarter valued at approximately $3,684,000. Fisher Asset Management LLC grew its holdings in shares of RenaissanceRe by 12.3% during the 3rd quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider’s stock valued at $22,003,000 after purchasing an additional 8,844 shares during the last quarter. Geode Capital Management LLC raised its position in RenaissanceRe by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock worth $250,892,000 after purchasing an additional 25,773 shares during the period. Citigroup Inc. lifted its stake in RenaissanceRe by 367.4% in the third quarter. Citigroup Inc. now owns 30,476 shares of the insurance provider’s stock worth $8,302,000 after purchasing an additional 23,956 shares during the last quarter. Finally, HighTower Advisors LLC grew its stake in shares of RenaissanceRe by 47.8% during the third quarter. HighTower Advisors LLC now owns 12,224 shares of the insurance provider’s stock valued at $3,342,000 after buying an additional 3,954 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total transaction of $254,160.00. Following the sale, the executive vice president now owns 79,392 shares of the company’s stock, valued at $20,178,270.72. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.30% of the stock is owned by corporate insiders.

RenaissanceRe Stock Down 0.1 %

NYSE:RNR opened at $232.40 on Tuesday. The firm has a 50-day simple moving average of $258.91 and a two-hundred day simple moving average of $257.61. The firm has a market cap of $12.07 billion, a P/E ratio of 6.64, a P/E/G ratio of 1.65 and a beta of 0.44. RenaissanceRe Holdings Ltd. has a fifty-two week low of $208.98 and a fifty-two week high of $300.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.42.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. Analysts predict that RenaissanceRe Holdings Ltd. will post 33.43 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.67%. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.45%.

Wall Street Analysts Forecast Growth

RNR has been the topic of a number of research reports. Morgan Stanley cut their target price on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Friday. Barclays downgraded RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $284.00 to $234.00 in a report on Monday, January 6th. Wells Fargo & Company lowered their target price on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Evercore ISI upped their price target on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research note on Thursday, November 7th. Finally, JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average price target of $283.45.

RenaissanceRe Company 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.