Bank of Montreal Can Cuts Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bank of Montreal Can cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 4.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,519 shares of the insurance provider’s stock after selling 2,030 shares during the quarter. Bank of Montreal Can’s holdings in RenaissanceRe were worth $10,579,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of RenaissanceRe during the fourth quarter valued at $173,530,000. Boston Partners boosted its holdings in shares of RenaissanceRe by 28.5% during the 4th quarter. Boston Partners now owns 2,013,382 shares of the insurance provider’s stock valued at $500,991,000 after acquiring an additional 446,781 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of RenaissanceRe by 24.3% in the fourth quarter. Geode Capital Management LLC now owns 1,144,805 shares of the insurance provider’s stock worth $284,907,000 after acquiring an additional 223,991 shares during the period. Impax Asset Management Group plc lifted its position in RenaissanceRe by 10.8% during the fourth quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock valued at $466,969,000 after purchasing an additional 182,530 shares during the period. Finally, World Investment Advisors LLC purchased a new stake in RenaissanceRe in the third quarter worth approximately $16,176,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

RNR has been the subject of a number of research reports. Jefferies Financial Group decreased their target price on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating for the company in a research note on Friday. Barclays lowered their target price on RenaissanceRe from $234.00 to $231.00 and set an “underweight” rating on the stock in a report on Friday. Bank of America cut their price target on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating for the company in a research note on Wednesday, March 26th. Wells Fargo & Company lowered their price objective on shares of RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $280.80.

Insiders Place Their Bets

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the transaction, the executive vice president now owns 79,392 shares in the company, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $237.92 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. RenaissanceRe Holdings Ltd. has a 1 year low of $208.98 and a 1 year high of $300.00. The firm has a fifty day moving average price of $236.93 and a 200-day moving average price of $254.34. The stock has a market cap of $11.66 billion, a PE ratio of 6.79, a price-to-earnings-growth ratio of 2.09 and a beta of 0.29.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. Equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.40 dividend. The ex-dividend date was Friday, March 14th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a yield of 0.67%. RenaissanceRe’s payout ratio is currently 4.57%.

RenaissanceRe 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.