The Manufacturers Life Insurance Company Has $12.03 Million Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

The Manufacturers Life Insurance Company cut its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 5.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 44,150 shares of the insurance provider's stock after selling 2,337 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of RenaissanceRe worth $12,026,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. V Square Quantitative Management LLC grew its stake in RenaissanceRe by 29.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider's stock valued at $49,000 after acquiring an additional 41 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in RenaissanceRe by 19.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider's stock worth $63,000 after buying an additional 45 shares in the last quarter. First Citizens Bank & Trust Co. grew its holdings in shares of RenaissanceRe by 4.6% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider's stock valued at $292,000 after acquiring an additional 47 shares in the last quarter. Hilltop National Bank grew its stake in RenaissanceRe by 14.9% in the second quarter. Hilltop National Bank now owns 400 shares of the insurance provider's stock valued at $89,000 after purchasing an additional 52 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of RenaissanceRe by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider's stock worth $417,000 after purchasing an additional 53 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $269.00, for a total transaction of $269,000.00. Following the completion of the transaction, the executive vice president now directly owns 83,044 shares in the company, valued at $22,338,836. This represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.80% of the company's stock.

RenaissanceRe Stock Performance

Shares of RNR stock traded up $0.28 during mid-day trading on Tuesday, reaching $287.75. The stock had a trading volume of 127,356 shares, compared to its average volume of 358,148. The firm has a market cap of $14.95 billion, a PE ratio of 4.14, a P/E/G ratio of 1.40 and a beta of 0.41. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. RenaissanceRe Holdings Ltd. has a one year low of $188.24 and a one year high of $300.00. The firm's 50 day simple moving average is $271.36 and its 200 day simple moving average is $247.49.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly 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. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the company earned $8.33 earnings per share. The business's revenue was up 52.1% compared to the same quarter last year. On average, analysts forecast that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.54%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe's dividend payout ratio is 2.25%.

Wall Street Analyst Weigh In

Several brokerages recently commented on RNR. JPMorgan Chase & Co. boosted their price target on RenaissanceRe from $274.00 to $280.00 and gave the company a "neutral" rating in a research note on Thursday, November 7th. Barclays initiated coverage on shares of RenaissanceRe in a report on Wednesday, September 4th. They issued an "equal weight" rating and a $287.00 price objective for the company. Bank of America raised their target price on RenaissanceRe from $364.00 to $391.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Citigroup boosted their target price on RenaissanceRe from $262.00 to $298.00 and gave the stock a "buy" rating in a report on Tuesday, September 10th. Finally, Keefe, Bruyette & Woods dropped their price target on shares of RenaissanceRe from $316.00 to $310.00 and set an "outperform" rating on the stock in a research report on Tuesday, November 12th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $293.00.

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.