Martingale Asset Management L P Sells 3,097 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Martingale Asset Management L P decreased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 3.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,608 shares of the insurance provider's stock after selling 3,097 shares during the period. Martingale Asset Management L P owned 0.15% of RenaissanceRe worth $21,685,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Northwest & Ethical Investments L.P. bought a new position in RenaissanceRe in the 3rd quarter worth approximately $17,086,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of RenaissanceRe by 6.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,652 shares of the insurance provider's stock worth $3,174,000 after acquiring an additional 704 shares during the last quarter. National Wealth Management Group LLC purchased a new position in RenaissanceRe during the third quarter valued at $364,000. BNP Paribas Financial Markets increased its holdings in RenaissanceRe by 5.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 11,261 shares of the insurance provider's stock valued at $3,067,000 after acquiring an additional 632 shares during the last quarter. Finally, FMR LLC increased its holdings in RenaissanceRe by 13.8% in the 3rd quarter. FMR LLC now owns 2,687 shares of the insurance provider's stock valued at $732,000 after acquiring an additional 326 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

Insider Activity at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, October 4th. The shares were 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 approximately $22,890,276. This trade represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RNR has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods cut their price objective on RenaissanceRe from $316.00 to $310.00 and set an "outperform" rating for the company in a research report on Tuesday, November 12th. Evercore ISI raised their price target on RenaissanceRe from $229.00 to $246.00 and gave the company an "underperform" rating in a report on Thursday, November 7th. StockNews.com cut RenaissanceRe from a "buy" rating to a "hold" rating in a report on Tuesday, October 22nd. Bank of America raised their target price on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Finally, Wells Fargo & Company upped their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an "overweight" rating in a research note on Thursday, October 10th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, RenaissanceRe currently has a consensus rating of "Hold" and an average price target of $293.00.

RenaissanceRe Trading Up 0.2 %

NYSE RNR traded up $0.71 during trading on Friday, hitting $286.15. The stock had a trading volume of 244,223 shares, compared to its average volume of 358,827. The stock has a market capitalization of $14.86 billion, a price-to-earnings ratio of 4.14, a P/E/G ratio of 1.39 and a beta of 0.39. The stock has a 50 day simple moving average of $270.45 and a 200 day simple moving average of $246.30. RenaissanceRe Holdings Ltd. has a one year low of $188.24 and a one year 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.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $2.35 billion. During the same quarter in the previous year, the business earned $8.33 EPS. RenaissanceRe's revenue was up 52.1% compared to the same quarter last year. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current year.

RenaissanceRe Dividend Announcement

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