Silvercrest Asset Management Group LLC Reduces Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Silvercrest Asset Management Group LLC lessened its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 172,229 shares of the insurance provider’s stock after selling 6,050 shares during the quarter. Silvercrest Asset Management Group LLC’s holdings in RenaissanceRe were worth $42,852,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital World Investors increased its position in RenaissanceRe by 8.8% during the 4th quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider’s stock worth $717,278,000 after purchasing an additional 233,708 shares in the last quarter. Boston Partners boosted its stake in RenaissanceRe by 28.5% in the 4th quarter. Boston Partners now owns 2,013,382 shares of the insurance provider’s stock worth $500,991,000 after buying an additional 446,781 shares during the last quarter. Impax Asset Management Group plc boosted its stake in RenaissanceRe by 10.8% in the 4th quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock worth $466,969,000 after buying an additional 182,530 shares during the last quarter. Polar Capital Holdings Plc boosted its stake in RenaissanceRe by 5.7% in the 4th quarter. Polar Capital Holdings Plc now owns 1,298,190 shares of the insurance provider’s stock worth $323,003,000 after buying an additional 69,884 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in RenaissanceRe by 24.3% in the 4th quarter. Geode Capital Management LLC now owns 1,144,805 shares of the insurance provider’s stock worth $284,907,000 after buying an additional 223,991 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Insiders Place Their Bets

In other news, CAO James Christopher Fraser sold 332 shares of the business’s stock in a transaction that occurred on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value of $82,847.28. Following the completion of the sale, the chief accounting officer now directly owns 27,154 shares in the company, valued at approximately $6,776,009.16. The trade was a 1.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.00% of the stock is owned by company insiders.

RenaissanceRe Stock Performance

RenaissanceRe stock opened at $246.29 on Friday. The stock’s 50 day moving average price is $240.05 and its 200 day moving average price is $249.14. The firm has a market capitalization of $11.98 billion, a PE ratio of 7.03, a price-to-earnings-growth ratio of 2.09 and a beta of 0.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. RenaissanceRe Holdings Ltd. has a one year low of $208.98 and a one year high of $300.00.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing the consensus estimate of ($0.32) by ($1.17). The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.36 billion. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. The business’s revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm posted $12.18 earnings per share. As a group, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.40 per share. The ex-dividend date is Friday, June 13th. This represents a $1.60 annualized dividend and a yield of 0.65%. RenaissanceRe’s dividend payout ratio is presently 5.10%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Morgan Stanley raised RenaissanceRe from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $235.00 to $275.00 in a research note on Friday, April 25th. Barclays decreased their price target on RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating on the stock in a research note on Friday, April 11th. Bank of America decreased their price target on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a research note on Wednesday, March 26th. Jefferies Financial Group decreased their price target on RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Finally, JPMorgan Chase & Co. raised RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 price objective on the stock in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, RenaissanceRe currently has an average rating of “Hold” and an average price target of $282.60.

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.