Lazard Asset Management LLC Sells 10,124 Shares of RenaissanceRe Holdings Ltd. $RNR

Lazard Asset Management LLC lessened its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 10.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 84,105 shares of the insurance provider’s stock after selling 10,124 shares during the quarter. Lazard Asset Management LLC’s holdings in RenaissanceRe were worth $24,999,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in RNR. Kingdom Financial Group LLC. acquired a new position in RenaissanceRe during the fourth quarter worth $36,000. Quarry LP raised its position in RenaissanceRe by 65.0% during the third quarter. Quarry LP now owns 132 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC raised its position in RenaissanceRe by 235.0% during the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 94 shares in the last quarter. Mcguire Capital Advisors Inc. acquired a new stake in RenaissanceRe in the fourth quarter valued at $38,000. Finally, SBI Securities Co. Ltd. lifted its stake in RenaissanceRe by 33.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after acquiring an additional 37 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Stock Up 1.8%

RNR opened at $334.63 on Wednesday. The stock has a fifty day moving average of $306.36 and a 200-day moving average of $299.40. The company has a market capitalization of $13.90 billion, a P/E ratio of 5.74, a P/E/G ratio of 1.24 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a fifty-two week low of $231.17 and a fifty-two week high of $335.88. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, beating the consensus estimate of $11.72 by $1.20. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.57 billion. During the same period in the prior year, the company posted $12.29 earnings per share. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 41.08 EPS for the current year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.41 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s payout ratio is currently 2.81%.

Analyst Ratings Changes

RNR has been the topic of several recent analyst reports. Barclays boosted their price objective on shares of RenaissanceRe from $328.00 to $341.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 7th. Cantor Fitzgerald reiterated an “overweight” rating on shares of RenaissanceRe in a report on Thursday, July 23rd. UBS Group set a $349.00 price target on RenaissanceRe and gave the stock a “neutral” rating in a research report on Monday. Wolfe Research set a $315.00 price objective on RenaissanceRe in a research report on Tuesday, July 7th. Finally, Weiss Ratings raised RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, June 25th. Five analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $336.33.

Insider Activity

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the transaction, the executive vice president owned 72,907 shares in the company, valued at $24,280,218.21. This represents a 6.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by insiders.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.