TimesSquare Capital Management LLC reduced its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 14.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 857,798 shares of the insurance provider’s stock after selling 146,450 shares during the period. RenaissanceRe accounts for approximately 1.2% of TimesSquare Capital Management LLC’s investment portfolio, making the stock its 10th biggest position. TimesSquare Capital Management LLC’s holdings in RenaissanceRe were worth $152,697,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in RNR. BlackRock Inc. increased its holdings in shares of RenaissanceRe by 7.9% in the first quarter. BlackRock Inc. now owns 5,283,466 shares of the insurance provider’s stock valued at $758,178,000 after purchasing an additional 384,867 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of RenaissanceRe by 23.2% in the first quarter. Victory Capital Management Inc. now owns 885,230 shares of the insurance provider’s stock valued at $127,031,000 after purchasing an additional 166,575 shares during the last quarter. FIL Ltd increased its holdings in shares of RenaissanceRe by 139,404.3% in the first quarter. FIL Ltd now owns 64,172 shares of the insurance provider’s stock valued at $9,209,000 after purchasing an additional 64,126 shares during the last quarter. First Trust Advisors LP increased its holdings in shares of RenaissanceRe by 339.5% in the first quarter. First Trust Advisors LP now owns 64,938 shares of the insurance provider’s stock valued at $9,319,000 after purchasing an additional 50,162 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. acquired a new position in shares of RenaissanceRe in the second quarter valued at $8,315,000. Hedge funds and other institutional investors own 94.35% of the company’s stock.
In related news, insider Aditya Dutt sold 15,000 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $176.44, for a total transaction of $2,646,600.00. Following the completion of the sale, the insider now owns 65,556 shares of the company’s stock, valued at $11,566,700.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Kevin Odonnell sold 28,375 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $182.05, for a total transaction of $5,165,668.75. The disclosure for this sale can be found here. Insiders sold 47,306 shares of company stock worth $8,523,489 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.
RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, July 23rd. The insurance provider reported $4.78 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.58 by $1.20. RenaissanceRe had a net margin of 19.47% and a return on equity of 8.87%. The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $824.40 million. During the same period in the prior year, the company posted $5.23 earnings per share. RenaissanceRe’s revenue was up 69.2% compared to the same quarter last year. On average, research analysts forecast that RenaissanceRe Holdings Ltd. will post 14.15 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $1.36 annualized dividend and a dividend yield of 0.72%. RenaissanceRe’s dividend payout ratio (DPR) is presently 14.83%.
RNR has been the topic of several research reports. ValuEngine upgraded shares of RenaissanceRe from a “hold” rating to a “buy” rating in a report on Wednesday, May 1st. JPMorgan Chase & Co. upped their price objective on shares of RenaissanceRe from $154.00 to $187.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Barclays reiterated a “sell” rating on shares of RenaissanceRe in a report on Tuesday, July 2nd. Deutsche Bank downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating and set a $186.00 price target on the stock. in a research note on Monday, July 15th. They noted that the move was a valuation call. Finally, Morgan Stanley upped their price target on shares of RenaissanceRe from $164.00 to $193.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $167.64.
RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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, and binding facilities and regional U.S.
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