RenaissanceRe Holdings Ltd. $RNR Shares Sold by Davis Selected Advisers

Davis Selected Advisers lessened its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 143,067 shares of the insurance provider’s stock after selling 734 shares during the period. Davis Selected Advisers’ holdings in RenaissanceRe were worth $34,751,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RNR. Price T Rowe Associates Inc. MD lifted its stake in shares of RenaissanceRe by 37.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider’s stock worth $599,049,000 after acquiring an additional 676,125 shares during the period. Nuveen LLC acquired a new position in shares of RenaissanceRe during the first quarter valued at approximately $54,087,000. Cooke & Bieler LP raised its holdings in RenaissanceRe by 18.0% during the first quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider’s stock worth $299,458,000 after purchasing an additional 190,139 shares in the last quarter. Impax Asset Management Group plc lifted its position in RenaissanceRe by 11.2% in the second quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock worth $295,494,000 after purchasing an additional 122,732 shares during the period. Finally, Great Lakes Advisors LLC boosted its stake in RenaissanceRe by 49.3% during the 1st quarter. Great Lakes Advisors LLC now owns 326,480 shares of the insurance provider’s stock valued at $78,355,000 after purchasing an additional 107,745 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Price Performance

RNR stock opened at $267.32 on Friday. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $290.78. The firm has a 50-day moving average of $252.28 and a two-hundred day moving average of $246.18. The firm has a market capitalization of $12.33 billion, a PE ratio of 7.43, a P/E/G ratio of 2.08 and a beta of 0.25. The company has a current ratio of 1.40, a quick ratio of 1.36 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, topping the consensus estimate of $9.49 by $6.13. The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $1.97 billion. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The company’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same period in the previous year, the company posted $10.23 EPS. On average, analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Monday, December 15th. RenaissanceRe’s payout ratio is 4.45%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RNR. The Goldman Sachs Group assumed coverage on RenaissanceRe in a research note on Tuesday, October 14th. They issued a “sell” rating and a $256.00 price objective on the stock. Cantor Fitzgerald upgraded shares of RenaissanceRe to a “hold” rating in a research report on Wednesday, August 13th. Citigroup assumed coverage on shares of RenaissanceRe in a report on Wednesday, August 13th. They issued a “buy” rating and a $288.00 price target for the company. Cowen reaffirmed a “hold” rating on shares of RenaissanceRe in a research note on Tuesday, October 7th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $303.00 target price on shares of RenaissanceRe in a research note on Thursday, October 9th. Four investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $283.67.

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.