Verition Fund Management LLC Sells 4,262 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Verition Fund Management LLC reduced its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 1.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 248,911 shares of the insurance provider's stock after selling 4,262 shares during the period. RenaissanceRe accounts for approximately 0.3% of Verition Fund Management LLC's investment portfolio, making the stock its 11th largest holding. Verition Fund Management LLC owned approximately 0.48% of RenaissanceRe worth $67,803,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in RNR. Rockefeller Capital Management L.P. acquired a new position in RenaissanceRe during the third quarter valued at approximately $3,684,000. Northwest & Ethical Investments L.P. bought a new stake in shares of RenaissanceRe during the third quarter worth $17,086,000. Zurcher Kantonalbank Zurich Cantonalbank increased 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 in the last quarter. National Wealth Management Group LLC acquired a new stake in shares of RenaissanceRe during the third quarter worth $364,000. Finally, BNP Paribas Financial Markets lifted its position 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 in the last quarter. Institutional investors own 99.97% of the company's stock.

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 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 completion of the transaction, the executive vice president now directly owns 82,044 shares in the company, valued at approximately $22,890,276. This represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.30% of the company's stock.

RenaissanceRe Price Performance

RenaissanceRe stock traded up $0.71 during mid-day trading on Friday, reaching $286.15. 244,225 shares of the company were exchanged, compared to its average volume of 358,827. 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 Holdings Ltd. has a 12 month low of $188.24 and a 12 month high of $300.00. The firm has a market cap of $14.86 billion, a PE ratio of 4.12, a PEG ratio of 1.39 and a beta of 0.39. The company has a fifty day simple moving average of $270.90 and a 200-day simple moving average of $246.73.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued 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 company had revenue of $2.16 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the firm posted $8.33 EPS. The firm's quarterly revenue was up 52.1% on a year-over-year basis. As a group, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed 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 of this dividend is Friday, December 13th. RenaissanceRe's dividend payout ratio (DPR) is presently 2.25%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on RNR shares. Evercore ISI lifted their target price on RenaissanceRe from $229.00 to $246.00 and gave the company an "underperform" rating in a research report on Thursday, November 7th. JPMorgan Chase & Co. increased their price objective on shares of RenaissanceRe from $274.00 to $280.00 and gave the stock a "neutral" rating in a research note on Thursday, November 7th. Barclays began coverage on RenaissanceRe in a research report on Wednesday, September 4th. They issued an "equal weight" rating and a $287.00 target price on the stock. Keefe, Bruyette & Woods reduced 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, Wells Fargo & Company upped their price objective on RenaissanceRe from $280.00 to $314.00 and gave the stock 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 given a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, RenaissanceRe presently has an average rating of "Hold" and a consensus target price of $293.00.

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.