State Street Corp Sells 122,327 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

State Street Corp decreased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,986,296 shares of the insurance provider’s stock after selling 122,327 shares during the quarter. State Street Corp’s holdings in RenaissanceRe were worth $541,067,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wedge Capital Management L L P NC purchased a new position in shares of RenaissanceRe in the second quarter worth approximately $2,887,000. Intech Investment Management LLC boosted its holdings in shares of RenaissanceRe by 52.9% in the second quarter. Intech Investment Management LLC now owns 7,193 shares of the insurance provider’s stock worth $1,608,000 after buying an additional 2,490 shares during the last quarter. Algert Global LLC purchased a new position in shares of RenaissanceRe in the second quarter worth approximately $1,186,000. National Bank of Canada FI boosted its holdings in shares of RenaissanceRe by 1,381.3% in the second quarter. National Bank of Canada FI now owns 5,377 shares of the insurance provider’s stock worth $1,189,000 after buying an additional 5,014 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its holdings in shares of RenaissanceRe by 12.3% in the third quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider’s stock worth $22,003,000 after buying an additional 8,844 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Insider Buying and Selling at RenaissanceRe

In related 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 completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Trading Down 2.6 %

Shares of RNR opened at $279.66 on Monday. The company’s fifty day moving average is $272.82 and its 200 day moving average is $249.03. RenaissanceRe Holdings Ltd. has a fifty-two week low of $188.24 and a fifty-two week high of $300.00. The stock has a market capitalization of $14.53 billion, a PE ratio of 4.03, a P/E/G ratio of 1.39 and a beta of 0.41. 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) last announced its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the business posted $8.33 earnings per share. RenaissanceRe’s quarterly revenue was up 52.1% on a year-over-year basis. Sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

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 given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.56%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is 2.25%.

Analyst Ratings Changes

RNR has been the topic of a number of research reports. Keefe, Bruyette & Woods dropped their price objective on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. Wells Fargo & Company lifted 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. JPMorgan Chase & Co. lifted their price target on shares of RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Jefferies Financial Group lifted their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Citigroup lifted their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. One investment 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. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $293.00.

RenaissanceRe 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.