Charles Schwab Investment Management Inc. Reduces Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Charles Schwab Investment Management Inc. lowered its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 7.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 387,205 shares of the insurance provider's stock after selling 31,116 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.74% of RenaissanceRe worth $105,475,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Blue Trust Inc. bought a new stake in RenaissanceRe during the 2nd quarter valued at $27,000. ORG Wealth Partners LLC bought a new position in shares of RenaissanceRe during the third quarter valued at about $30,000. V Square Quantitative Management LLC purchased a new stake in shares of RenaissanceRe during the second quarter worth about $31,000. UMB Bank n.a. grew its stake in shares of RenaissanceRe by 316.7% in the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider's stock worth $34,000 after purchasing an additional 95 shares during the last quarter. Finally, Advisors Asset Management Inc. bought a new stake in shares of RenaissanceRe in the third quarter worth about $45,000. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Up 1.0 %

Shares of NYSE RNR traded up $2.71 during trading on Tuesday, reaching $282.38. The company had a trading volume of 329,326 shares, compared to its average volume of 359,145. RenaissanceRe Holdings Ltd. has a 12-month low of $188.24 and a 12-month high of $300.00. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. The business's 50-day moving average is $269.13 and its 200 day moving average is $245.35. The stock has a market cap of $14.67 billion, a PE ratio of 4.07, a P/E/G ratio of 1.33 and a beta of 0.39.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, beating the consensus estimate of $7.89 by $2.34. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. RenaissanceRe's revenue for the quarter was up 52.1% on a year-over-year basis. During the same period in the prior year, the firm posted $8.33 EPS. As a group, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.39 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a yield of 0.55%. RenaissanceRe's payout ratio is currently 2.25%.

Analysts Set New Price Targets

Several research firms have weighed in on RNR. Wells Fargo & Company increased their price objective on RenaissanceRe from $280.00 to $314.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. Barclays initiated 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. Citigroup lifted their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a "buy" rating in a report on Tuesday, September 10th. Bank of America upped their price objective on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a "buy" rating in a report on Thursday, October 10th. Finally, Keefe, Bruyette & Woods cut their target price on shares of RenaissanceRe from $316.00 to $310.00 and set an "outperform" rating on the stock in a research note on Tuesday, November 12th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, RenaissanceRe has a consensus rating of "Hold" and a consensus target price of $293.00.

Insider Activity at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the company'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 transaction, the executive vice president now directly owns 82,044 shares of the company's stock, valued at $22,890,276. This represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.80% of the stock is currently owned by insiders.

RenaissanceRe 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.