Rafferty Asset Management LLC reduced its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 10.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 9,358 shares of the insurance provider’s stock after selling 1,073 shares during the period. Rafferty Asset Management LLC’s holdings in RenaissanceRe were worth $1,250,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RNR. United Services Automobile Association boosted its holdings in RenaissanceRe by 1,567.9% in the second quarter. United Services Automobile Association now owns 107,078 shares of the insurance provider’s stock valued at $7,131,000 after purchasing an additional 100,658 shares during the period. Putnam Investments LLC purchased a new position in RenaissanceRe in the second quarter valued at $3,729,000. BlueMountain Capital Management LLC boosted its holdings in RenaissanceRe by 1,331.5% in the second quarter. BlueMountain Capital Management LLC now owns 1,274 shares of the insurance provider’s stock valued at $153,000 after purchasing an additional 1,185 shares during the period. Korea Investment CORP purchased a new position in RenaissanceRe in the second quarter valued at $168,000. Finally, ING Groep NV purchased a new position in RenaissanceRe in the second quarter valued at $742,000. Institutional investors and hedge funds own 95.89% of the company’s stock.
RNR has been the subject of a number of recent research reports. Wells Fargo & Co set a $130.00 target price on RenaissanceRe and gave the company a “hold” rating in a report on Wednesday, October 31st. Zacks Investment Research lowered RenaissanceRe from a “buy” rating to a “hold” rating in a report on Monday, October 15th. Morgan Stanley decreased their target price on RenaissanceRe from $142.00 to $136.00 and set a “hold” rating for the company in a report on Wednesday, November 14th. Deutsche Bank upgraded RenaissanceRe from a “hold” rating to a “buy” rating and set a $150.00 target price for the company in a report on Wednesday, November 7th. Finally, Citigroup lowered RenaissanceRe from a “buy” rating to a “neutral” rating in a report on Thursday, November 8th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. RenaissanceRe has an average rating of “Hold” and an average price target of $142.86.
RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, October 30th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.42. The company had revenue of $453.30 million during the quarter, compared to the consensus estimate of $416.49 million. RenaissanceRe had a return on equity of 10.52% and a net margin of 15.07%. RenaissanceRe’s revenue for the quarter was down 6.2% on a year-over-year basis. During the same period in the previous year, the business earned ($13.81) EPS. On average, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 9.94 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 14th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date is Thursday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is -15.81%.
In other RenaissanceRe news, Director Henry Klehm III sold 810 shares of RenaissanceRe stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $128.00, for a total transaction of $103,680.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by insiders.
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RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance coverages in the United States and internationally. Its Property segment writes property catastrophe excess of loss reinsurance and excess of loss retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, such as earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, including proportional reinsurance, property per risk, property reinsurance, and binding facilities and regional U.S.
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