Bank of New York Mellon Corp Sells 150,723 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bank of New York Mellon Corp trimmed its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 6.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,026,064 shares of the insurance provider's stock after selling 150,723 shares during the quarter. Bank of New York Mellon Corp owned approximately 3.90% of RenaissanceRe worth $504,105,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Creative Planning lifted its position in shares of RenaissanceRe by 71.8% in the 3rd quarter. Creative Planning now owns 2,383 shares of the insurance provider's stock worth $649,000 after buying an additional 996 shares during the last quarter. Blue Trust Inc. lifted its position in shares of RenaissanceRe by 184.1% in the 3rd quarter. Blue Trust Inc. now owns 321 shares of the insurance provider's stock worth $87,000 after buying an additional 208 shares during the last quarter. Raymond James & Associates lifted its position in shares of RenaissanceRe by 59.3% in the 3rd quarter. Raymond James & Associates now owns 26,968 shares of the insurance provider's stock worth $7,346,000 after buying an additional 10,039 shares during the last quarter. Signaturefd LLC lifted its position in shares of RenaissanceRe by 45.9% in the 3rd quarter. Signaturefd LLC now owns 445 shares of the insurance provider's stock worth $121,000 after buying an additional 140 shares during the last quarter. Finally, Private Advisor Group LLC lifted its position in shares of RenaissanceRe by 63.4% in the 3rd quarter. Private Advisor Group LLC now owns 2,553 shares of the insurance provider's stock worth $695,000 after buying an additional 991 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

Remove Ads

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total transaction of $254,160.00. Following the transaction, the executive vice president now owns 79,392 shares of the company's stock, valued at approximately $20,178,270.72. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RNR. Wells Fargo & Company reduced their price target on shares of RenaissanceRe from $288.00 to $277.00 and set an "overweight" rating on the stock in a research report on Thursday, January 30th. JMP Securities restated a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Barclays cut shares of RenaissanceRe from an "equal weight" rating to an "underweight" rating and dropped their price objective for the stock from $284.00 to $234.00 in a report on Monday, January 6th. Evercore ISI increased their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the stock an "underperform" rating in a report on Thursday, November 7th. Finally, Morgan Stanley dropped their price objective on shares of RenaissanceRe from $265.00 to $245.00 and set an "equal weight" rating on the stock in a report on Friday, January 31st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $279.90.

RenaissanceRe Trading Up 1.7 %

Shares of RNR traded up $4.04 during midday trading on Friday, hitting $237.63. The stock had a trading volume of 445,080 shares, compared to its average volume of 532,517. RenaissanceRe Holdings Ltd. has a fifty-two week low of $208.98 and a fifty-two week high of $300.00. The business has a 50-day simple moving average of $244.00 and a two-hundred day simple moving average of $257.75. The firm has a market cap of $11.70 billion, a P/E ratio of 6.79, a price-to-earnings-growth ratio of 2.09 and a beta of 0.43. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, topping the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. As a group, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.67%. The ex-dividend date is Friday, March 14th. This is a positive change from RenaissanceRe's previous quarterly dividend of $0.39. RenaissanceRe's dividend payout ratio (DPR) is presently 4.57%.

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.