Goldman Sachs Group Inc. reduced its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 86,723 shares of the insurance provider’s stock after selling 5,346 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.17% of RenaissanceRe worth $13,898,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in RNR. Harbor Investment Advisory LLC boosted its position in shares of RenaissanceRe by 63.1% during the 1st quarter. Harbor Investment Advisory LLC now owns 729 shares of the insurance provider’s stock worth $117,000 after acquiring an additional 282 shares in the last quarter. Baird Financial Group Inc. acquired a new position in shares of RenaissanceRe during the 1st quarter worth about $210,000. 6 Meridian acquired a new position in shares of RenaissanceRe during the 1st quarter worth about $211,000. Redpoint Investment Management Pty Ltd acquired a new position in shares of RenaissanceRe during the 1st quarter worth about $219,000. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of RenaissanceRe in the 1st quarter valued at about $226,000. 94.27% of the stock is owned by institutional investors and hedge funds.
RNR has been the subject of several research reports. reduced their target price on RenaissanceRe from $186.00 to $164.00 and set a “neutral” rating for the company in a report on Monday, June 21st. Morgan Stanley reduced their target price on RenaissanceRe from $195.00 to $191.00 and set an “equal weight” rating for the company in a report on Friday, April 16th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $186.00.
RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, April 28th. The insurance provider reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.65). The firm had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.67 billion. RenaissanceRe had a return on equity of 0.22% and a net margin of 10.74%. The business’s revenue was up 43.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.76 EPS. As a group, equities analysts expect that RenaissanceRe Holdings Ltd. will post 10.53 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 30th. Investors of record on Tuesday, June 15th were issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date was Monday, June 14th. RenaissanceRe’s dividend payout ratio is currently 1,200.00%.
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 hurricanes, earthquakes, and other windstorms, as well as claims arising from other natural and man-made catastrophes comprising tsunamis, winter storms, freezes, floods, fires, 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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