State Street Corp Reduces Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

State Street Corp trimmed its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 5.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,986,296 shares of the insurance provider's stock after selling 122,327 shares during the period. State Street Corp owned approximately 3.82% of RenaissanceRe worth $541,067,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RNR. Blue Trust Inc. acquired a new position in RenaissanceRe in the 2nd quarter valued at $27,000. ORG Wealth Partners LLC acquired a new position in RenaissanceRe during the 3rd quarter worth approximately $30,000. V Square Quantitative Management LLC purchased a new position in shares of RenaissanceRe during the 2nd quarter worth approximately $31,000. UMB Bank n.a. lifted its holdings in shares of RenaissanceRe by 316.7% in the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider's stock valued at $34,000 after buying an additional 95 shares during the period. Finally, Advisors Asset Management Inc. purchased a new position in RenaissanceRe in the third quarter worth $45,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RNR has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an "overweight" rating in a report on Thursday, October 10th. StockNews.com lowered RenaissanceRe from a "buy" rating to a "hold" rating in a research note on Tuesday, October 22nd. Bank of America boosted their target price on RenaissanceRe from $364.00 to $391.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods dropped their price target on RenaissanceRe from $316.00 to $310.00 and set an "outperform" rating for the company in a research report on Tuesday, November 12th. Finally, Jefferies Financial Group increased their price objective on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, RenaissanceRe presently has an average rating of "Hold" and a consensus target price of $293.00.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of the firm's stock in a transaction dated Thursday, September 26th. The stock was sold at an average price of $269.00, for a total transaction of $269,000.00. Following the sale, the executive vice president now directly owns 83,044 shares in the company, valued at approximately $22,338,836. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.30% of the company's stock.

RenaissanceRe Trading Down 1.8 %

Shares of RNR stock traded down $5.14 on Monday, reaching $274.52. 391,181 shares of the stock were exchanged, compared to its average volume of 360,248. 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 stock has a market cap of $14.26 billion, a P/E ratio of 4.03, a price-to-earnings-growth ratio of 1.36 and a beta of 0.41. The firm has a 50 day moving average of $272.82 and a two-hundred day moving average of $249.03. RenaissanceRe Holdings Ltd. has a 1-year low of $188.24 and a 1-year high of $300.00.

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

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.57%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe's payout ratio is currently 2.25%.

About RenaissanceRe

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.