RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by Martingale Asset Management L P

Martingale Asset Management L P cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.7% in the third quarter, Holdings Channel reports. The fund owned 79,608 shares of the insurance provider’s stock after selling 3,097 shares during the period. Martingale Asset Management L P’s holdings in RenaissanceRe were worth $21,685,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wedge Capital Management L L P NC acquired a new stake in shares of RenaissanceRe in the 2nd quarter worth $2,887,000. Intech Investment Management LLC increased its stake in shares of RenaissanceRe by 52.9% in the 2nd quarter. Intech Investment Management LLC now owns 7,193 shares of the insurance provider’s stock worth $1,608,000 after acquiring an additional 2,490 shares during the last quarter. Atria Investments Inc acquired a new stake in shares of RenaissanceRe during the 1st quarter worth about $1,168,000. Algert Global LLC acquired a new stake in shares of RenaissanceRe during the 2nd quarter worth about $1,186,000. Finally, National Bank of Canada FI increased its position in shares of RenaissanceRe by 1,381.3% during the 2nd quarter. National Bank of Canada FI now owns 5,377 shares of the insurance provider’s stock worth $1,189,000 after purchasing an additional 5,014 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on RNR shares. Wells Fargo & Company raised their price objective on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Evercore ISI raised their price objective on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research report on Thursday, November 7th. Jefferies Financial Group raised their price objective on RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. raised their price objective on RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Bank of America raised their target price on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and a consensus price target of $293.00.

Insiders Place Their Bets

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the transaction, the executive vice president now owns 82,044 shares of the company’s stock, valued at $22,890,276. The trade was a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $285.44 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43. RenaissanceRe Holdings Ltd. has a fifty-two week low of $188.24 and a fifty-two week high of $300.00. The firm has a market capitalization of $14.83 billion, a PE ratio of 4.11, a price-to-earnings-growth ratio of 1.39 and a beta of 0.39. The stock’s 50-day simple moving average is $269.96 and its 200-day simple moving average is $246.02.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping the consensus estimate of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the company earned $8.33 EPS. The business’s quarterly revenue was up 52.1% on a year-over-year basis. As a group, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.55%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is 2.25%.

About RenaissanceRe

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.