Sumitomo Mitsui Trust Group Inc. Cuts Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 39.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,769 shares of the insurance provider's stock after selling 9,550 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in RenaissanceRe were worth $4,023,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Russell Investments Group Ltd. boosted its stake in shares of RenaissanceRe by 16.9% in the 1st quarter. Russell Investments Group Ltd. now owns 27,448 shares of the insurance provider's stock valued at $6,451,000 after purchasing an additional 3,962 shares in the last quarter. Orion Portfolio Solutions LLC boosted its position in RenaissanceRe by 3.7% during the first quarter. Orion Portfolio Solutions LLC now owns 5,985 shares of the insurance provider's stock valued at $1,407,000 after buying an additional 213 shares during the period. Acadian Asset Management LLC grew its stake in shares of RenaissanceRe by 741.7% during the first quarter. Acadian Asset Management LLC now owns 1,111 shares of the insurance provider's stock valued at $261,000 after buying an additional 979 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of RenaissanceRe by 4.5% in the first quarter. CANADA LIFE ASSURANCE Co now owns 43,168 shares of the insurance provider's stock worth $10,152,000 after buying an additional 1,850 shares during the period. Finally, Natixis bought a new stake in shares of RenaissanceRe in the 1st quarter valued at about $2,462,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Bank of America raised their price target on RenaissanceRe from $364.00 to $391.00 and gave the stock a "buy" rating in a research report on Thursday, October 10th. Citigroup raised their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a "buy" rating in a report on Tuesday, September 10th. Wells Fargo & Company lifted their target price on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an "overweight" rating in a research note on Thursday, October 10th. Keefe, Bruyette & Woods dropped their price target on shares of RenaissanceRe from $316.00 to $310.00 and set an "outperform" rating for the company in a research report on Tuesday, November 12th. Finally, Barclays assumed coverage on shares of RenaissanceRe in a research report on Wednesday, September 4th. They issued an "equal weight" rating and a $287.00 price objective on the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company's stock. According to MarketBeat, RenaissanceRe presently has an average rating of "Hold" and an average target price of $293.00.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $261.51 on Tuesday. RenaissanceRe Holdings Ltd. has a 1 year low of $188.24 and a 1 year high of $300.00. The stock has a market capitalization of $13.58 billion, a P/E ratio of 3.77, a P/E/G ratio of 1.32 and a beta of 0.39. The company's 50-day moving average is $268.02 and its 200 day moving average is $243.76. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping analysts' consensus estimates of $7.89 by $2.34. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business's revenue for the quarter was up 52.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $8.33 EPS. On average, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 40.31 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders 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 0.60%. RenaissanceRe's dividend payout ratio (DPR) is 2.25%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the company's stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.80% of the company's stock.

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.