Sumitomo Mitsui Trust Group Inc. Lowers Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 39.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,769 shares of the insurance provider’s stock after selling 9,550 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in RenaissanceRe were worth $4,023,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RNR. Russell Investments Group Ltd. boosted its position in RenaissanceRe by 16.9% during the first quarter. Russell Investments Group Ltd. now owns 27,448 shares of the insurance provider’s stock worth $6,451,000 after purchasing an additional 3,962 shares in the last quarter. Orion Portfolio Solutions LLC boosted its position in RenaissanceRe by 3.7% during the first quarter. Orion Portfolio Solutions LLC now owns 5,985 shares of the insurance provider’s stock worth $1,407,000 after purchasing an additional 213 shares in the last quarter. Acadian Asset Management LLC boosted its position in RenaissanceRe by 741.7% during the first quarter. Acadian Asset Management LLC now owns 1,111 shares of the insurance provider’s stock worth $261,000 after purchasing an additional 979 shares in the last quarter. CANADA LIFE ASSURANCE Co boosted its position in RenaissanceRe by 4.5% during the first quarter. CANADA LIFE ASSURANCE Co now owns 43,168 shares of the insurance provider’s stock worth $10,152,000 after purchasing an additional 1,850 shares in the last quarter. Finally, Natixis purchased a new position in RenaissanceRe during the first quarter worth approximately $2,462,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Barclays assumed coverage on RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 target price for the company. JPMorgan Chase & Co. increased their target price on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Keefe, Bruyette & Woods reduced their target price on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating for the company in a report on Tuesday, November 12th. Wells Fargo & Company increased their target price on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Evercore ISI increased their target price on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, RenaissanceRe has an average rating of “Hold” and an average target price of $293.00.

Insider Transactions at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. This trade represents a 1.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Trading Up 0.5 %

Shares of RenaissanceRe stock opened at $261.51 on Tuesday. The firm has a market capitalization of $13.58 billion, a price-to-earnings ratio of 3.77, a PEG ratio of 1.32 and a beta of 0.39. RenaissanceRe Holdings Ltd. has a fifty-two week low of $188.24 and a fifty-two week high of $300.00. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.43 and a current ratio of 1.43. The stock has a 50 day moving average of $268.02 and a 200 day moving average of $243.76.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping the consensus estimate of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The company had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the business posted $8.33 earnings per share. The firm’s revenue for the quarter was up 52.1% compared to the same quarter last year. As a group, research analysts predict that RenaissanceRe Holdings Ltd. will post 40.31 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, December 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.60%. RenaissanceRe’s dividend payout ratio is currently 2.25%.

RenaissanceRe Company 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.