Insider Selling: RenaissanceRe Holdings Ltd. (RNR) SVP Sells 5,300 Shares of Stock
RenaissanceRe Holdings Ltd. (NYSE:RNR) SVP Ross Curtis sold 5,300 shares of the company’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $148.23, for a total value of $785,619.00. Following the sale, the senior vice president now owns 98,564 shares in the company, valued at approximately $14,610,141.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
RenaissanceRe Holdings Ltd. (RNR) traded down 3.00% during mid-day trading on Thursday, reaching $143.03. The company’s stock had a trading volume of 272,483 shares. The firm has a 50 day moving average price of $141.49 and a 200 day moving average price of $142.01. RenaissanceRe Holdings Ltd. has a 52-week low of $116.10 and a 52-week high of $152.00. The company has a market cap of $5.81 billion, a price-to-earnings ratio of 13.33 and a beta of 0.64.
RenaissanceRe Holdings (NYSE:RNR) last posted its earnings results on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.46. RenaissanceRe Holdings had a net margin of 28.30% and a return on equity of 8.54%. The firm had revenue of $555.75 million for the quarter, compared to analysts’ expectations of $540.65 million. During the same quarter last year, the firm earned $1.55 EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post $8.58 earnings per share for the current year.
RenaissanceRe Holdings declared that its board has approved a stock buyback program on Wednesday, May 17th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the insurance provider to reacquire up to 99% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Thursday, June 15th were given a dividend of $0.32 per share. The ex-dividend date was Tuesday, June 13th. This represents a $1.28 annualized dividend and a dividend yield of 0.89%. RenaissanceRe Holdings’s dividend payout ratio is currently 10.90%.
Several institutional investors have recently bought and sold shares of the company. American International Group Inc. boosted its position in RenaissanceRe Holdings by 2.9% in the first quarter. American International Group Inc. now owns 86,937 shares of the insurance provider’s stock valued at $12,575,000 after buying an additional 2,429 shares in the last quarter. Moon Capital Management LLC boosted its position in RenaissanceRe Holdings by 2.5% in the first quarter. Moon Capital Management LLC now owns 17,731 shares of the insurance provider’s stock valued at $2,565,000 after buying an additional 434 shares in the last quarter. First Manhattan Co. purchased a new position in RenaissanceRe Holdings during the first quarter valued at approximately $1,699,000. State of Alaska Department of Revenue boosted its position in RenaissanceRe Holdings by 5.2% in the first quarter. State of Alaska Department of Revenue now owns 7,216 shares of the insurance provider’s stock valued at $1,043,000 after buying an additional 355 shares in the last quarter. Finally, Capstone Asset Management Co. boosted its position in RenaissanceRe Holdings by 1.4% in the first quarter. Capstone Asset Management Co. now owns 5,992 shares of the insurance provider’s stock valued at $867,000 after buying an additional 80 shares in the last quarter. 92.58% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts recently issued reports on RNR shares. Wells Fargo & Company reiterated a “hold” rating on shares of RenaissanceRe Holdings in a report on Sunday, April 16th. Zacks Investment Research lowered RenaissanceRe Holdings from a “hold” rating to a “strong sell” rating in a report on Friday, May 5th. Morgan Stanley reiterated an “equal weight” rating and set a $144.00 target price (up previously from $138.00) on shares of RenaissanceRe Holdings in a report on Friday, July 7th. ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $143.00 target price on shares of RenaissanceRe Holdings in a report on Wednesday, June 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $142.68.
About RenaissanceRe Holdings
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.
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