Lagoda Investment Management L.P. Has $6.22 Million Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Lagoda Investment Management L.P. reduced its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.5% during the fourth quarter, HoldingsChannel reports. The firm owned 25,000 shares of the insurance provider’s stock after selling 1,455 shares during the quarter. RenaissanceRe accounts for about 3.4% of Lagoda Investment Management L.P.’s investment portfolio, making the stock its 11th largest holding. Lagoda Investment Management L.P.’s holdings in RenaissanceRe were worth $6,220,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Bank of America Corp DE boosted its stake in shares of RenaissanceRe by 17.9% in the 4th quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider’s stock valued at $203,339,000 after purchasing an additional 124,125 shares in the last quarter. Impax Asset Management Group plc boosted its stake in shares of 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 valued at $466,969,000 after purchasing an additional 182,530 shares in the last quarter. Trexquant Investment LP acquired a new stake in shares of RenaissanceRe in the 4th quarter valued at approximately $561,000. Barclays PLC boosted its stake in shares of RenaissanceRe by 57.1% in the 3rd quarter. Barclays PLC now owns 22,923 shares of the insurance provider’s stock valued at $6,244,000 after purchasing an additional 8,333 shares in the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of RenaissanceRe in the 4th quarter valued at approximately $1,086,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on RNR shares. Jefferies Financial Group cut their target price on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a “neutral” rating to an “overweight” rating and set a $284.00 target price on the stock in a research report on Tuesday, April 8th. Morgan Stanley upgraded shares of RenaissanceRe from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $235.00 to $275.00 in a research report on Friday, April 25th. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, April 24th. Finally, Bank of America cut their target price on shares of RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a research report on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $282.60.

RenaissanceRe Stock Up 0.7%

Shares of NYSE RNR opened at $251.61 on Monday. The company has a market capitalization of $12.24 billion, a P/E ratio of 7.18, a price-to-earnings-growth ratio of 2.09 and a beta of 0.34. RenaissanceRe Holdings Ltd. has a 52-week low of $208.98 and a 52-week high of $300.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. The company’s 50 day moving average price is $239.86 and its 200-day moving average price is $249.71.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($1.17). The firm had revenue of $3.44 billion during 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 firm’s revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter last year, the firm posted $12.18 EPS. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.60 dividend on an annualized basis and a yield of 0.64%. RenaissanceRe’s dividend payout ratio (DPR) is presently 5.10%.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the business’s stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the completion of the sale, the chief accounting officer now 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 document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.

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.