Hsbc Holdings PLC Sells 16,398 Shares of RenaissanceRe Holdings Ltd. $RNR

Hsbc Holdings PLC cut its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 58.2% in the first quarter, Holdings Channel.com reports. The fund owned 11,797 shares of the insurance provider’s stock after selling 16,398 shares during the quarter. Hsbc Holdings PLC’s holdings in RenaissanceRe were worth $3,538,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in RNR. Kingdom Financial Group LLC. acquired a new position in shares of RenaissanceRe during the 4th quarter worth $36,000. Quarry LP lifted its stake in shares of RenaissanceRe by 65.0% in the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 94 shares in the last quarter. Mcguire Capital Advisors Inc. bought a new stake in RenaissanceRe in the fourth quarter worth $38,000. Finally, SBI Securities Co. Ltd. increased its position in RenaissanceRe by 33.6% during the fourth quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock worth $41,000 after buying an additional 37 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Stock Performance

Shares of RNR opened at $328.33 on Friday. The company has a market capitalization of $14.00 billion, a PE ratio of 5.63, a price-to-earnings-growth ratio of 1.24 and a beta of 0.17. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.37. RenaissanceRe Holdings Ltd. has a one year low of $231.17 and a one year high of $329.60. The company’s fifty day moving average price is $305.10 and its 200 day moving average price is $298.42.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $11.72 by $1.20. The company had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.57 billion. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. During the same period in the prior year, the company earned $12.29 earnings per share. As a group, analysts expect that RenaissanceRe Holdings Ltd. will post 40.57 earnings per share for the current year.

RenaissanceRe Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on RNR shares. Keefe, Bruyette & Woods boosted their price target on RenaissanceRe from $327.00 to $342.00 and gave the stock a “market perform” rating in a research report on Wednesday, July 8th. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and increased their price objective for the company from $335.00 to $345.00 in a report on Wednesday, June 10th. Wells Fargo & Company raised their price objective on RenaissanceRe from $306.00 to $329.00 and gave the company an “equal weight” rating in a research note on Thursday, July 9th. Mizuho boosted their target price on RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a report on Thursday, July 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of RenaissanceRe in a research report on Thursday. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $335.33.

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.