Prospector Partners LLC Increases Stake in RenaissanceRe Holdings Ltd. (RNR)

Prospector Partners LLC grew its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 93,974 shares of the insurance provider’s stock after acquiring an additional 1,020 shares during the period. RenaissanceRe comprises about 1.9% of Prospector Partners LLC’s portfolio, making the stock its 7th largest holding. Prospector Partners LLC owned 0.23% of RenaissanceRe worth $12,700,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the company. Americafirst Capital Management LLC acquired a new position in shares of RenaissanceRe in the second quarter worth $161,000. Nomura Holdings Inc. acquired a new position in shares of RenaissanceRe in the second quarter worth $212,000. Citigroup Inc. increased its stake in shares of RenaissanceRe by 262.5% in the second quarter. Citigroup Inc. now owns 1,566 shares of the insurance provider’s stock worth $218,000 after acquiring an additional 1,134 shares during the last quarter. Cadence Capital Management LLC acquired a new position in shares of RenaissanceRe in the third quarter worth $219,000. Finally, Pacad Investment Ltd. acquired a new position in shares of RenaissanceRe in the second quarter worth $222,000. Institutional investors own 93.44% of the company’s stock.

In other news, CEO Kevin Odonnell sold 5,000 shares of the business’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $135.58, for a total transaction of $677,900.00. Following the transaction, the chief executive officer now directly owns 193,447 shares in the company, valued at approximately $26,227,544.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Sean G. Brosnan sold 1,391 shares of the business’s stock in a transaction dated Monday, November 27th. The stock was sold at an average price of $135.73, for a total transaction of $188,800.43. Following the transaction, the senior vice president now owns 8,405 shares in the company, valued at $1,140,810.65. The disclosure for this sale can be found here. Insiders sold a total of 16,391 shares of company stock worth $2,199,400 over the last ninety days. 1.80% of the stock is currently owned by insiders.

RNR has been the topic of several research analyst reports. BidaskClub downgraded RenaissanceRe from a “hold” rating to a “sell” rating in a research report on Friday, August 25th. Wells Fargo & Company set a $140.00 target price on shares of RenaissanceRe and gave the company a “hold” rating in a research note on Wednesday, October 4th. Zacks Investment Research upgraded shares of RenaissanceRe from a “sell” rating to a “hold” rating in a research note on Friday, November 10th. ValuEngine cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday, October 6th. Finally, Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and raised their price target for the stock from $151.00 to $157.00 in a research note on Thursday, November 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. RenaissanceRe presently has an average rating of “Hold” and an average target price of $148.38.

RenaissanceRe Holdings Ltd. (NYSE RNR) traded down $1.19 on Thursday, reaching $128.15. 399,400 shares of the company’s stock were exchanged, compared to its average volume of 289,152. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.66. RenaissanceRe Holdings Ltd. has a 12-month low of $120.55 and a 12-month high of $152.00.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, October 31st. The insurance provider reported ($13.81) EPS for the quarter, missing analysts’ consensus estimates of ($12.25) by ($1.56). The business had revenue of $483.22 million for the quarter, compared to analyst estimates of $300.46 million. RenaissanceRe had a negative return on equity of 5.82% and a negative net margin of 7.60%. RenaissanceRe’s revenue was up 70.0% on a year-over-year basis. During the same period in the prior year, the firm posted $2.09 EPS. equities analysts expect that RenaissanceRe Holdings Ltd. will post -7.02 EPS for the current year.

RenaissanceRe declared that its Board of Directors has approved a share buyback plan on Friday, November 10th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the insurance provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Friday, December 15th will be given a $0.32 dividend. The ex-dividend date is Thursday, December 14th. This represents a $1.28 annualized dividend and a yield of 1.00%. RenaissanceRe’s dividend payout ratio is currently -28.76%.

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About RenaissanceRe

RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.

Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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