Robert Qutub Sells 5,000 Shares of RenaissanceRe (NYSE:RNR) Stock

RenaissanceRe Holdings Ltd. (NYSE:RNR) EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total transaction of $1,665,150.00. Following the sale, the executive vice president directly owned 72,907 shares in the company, valued at $24,280,218.21. This trade represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $332.61 on Thursday. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $335.97. The stock has a market capitalization of $13.82 billion, a P/E ratio of 5.71, a P/E/G ratio of 1.24 and a beta of 0.17. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm’s 50-day moving average price is $306.94 and its two-hundred day moving average price is $299.78.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, July 22nd. The insurance provider reported $12.92 EPS for the quarter, topping analysts’ consensus estimates of $11.72 by $1.20. The firm had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.57 billion. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.During the same period in the prior year, the business earned $12.29 EPS. As a group, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 41.68 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date is Tuesday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is currently 2.81%.

Institutional Trading of RenaissanceRe

Institutional investors have recently modified their holdings of the company. Robeco Institutional Asset Management B.V. boosted its stake in RenaissanceRe by 135.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock worth $55,100,000 after buying an additional 112,910 shares in the last quarter. Belpointe Asset Management LLC increased its holdings in shares of RenaissanceRe by 595.0% during the fourth quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider’s stock worth $1,729,000 after buying an additional 5,266 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in RenaissanceRe by 68.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,171 shares of the insurance provider’s stock worth $3,855,000 after purchasing an additional 5,782 shares in the last quarter. M&T Bank Corp lifted its position in RenaissanceRe by 8,296.5% during the 4th quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock worth $81,635,000 after buying an additional 286,894 shares in the last quarter. Finally, Horizon Investments LLC lifted its position in shares of RenaissanceRe by 247,520.0% during the fourth quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider’s stock worth $6,962,000 after purchasing an additional 24,752 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on RNR shares. Wall Street Zen lowered RenaissanceRe from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of RenaissanceRe in a report on Thursday, July 23rd. Mizuho upped their price objective on shares of RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Evercore set a $330.00 price target on RenaissanceRe in a research note on Thursday, July 23rd. Finally, Citigroup raised shares of RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $335.00 to $345.00 in a research note on Wednesday, June 10th. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $336.33.

About RenaissanceRe

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.