Franklin Resources Inc. trimmed its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 421,383 shares of the insurance provider’s stock after selling 6,500 shares during the period. Franklin Resources Inc. owned about 1.05% of RenaissanceRe worth $56,288,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. United Services Automobile Association raised its holdings in shares of RenaissanceRe by 1,567.9% during the 2nd quarter. United Services Automobile Association now owns 107,078 shares of the insurance provider’s stock valued at $7,131,000 after buying an additional 100,658 shares in the last quarter. Putnam Investments LLC purchased a new position in RenaissanceRe in the 2nd quarter worth approximately $3,729,000. BlueMountain Capital Management LLC increased its stake in RenaissanceRe by 1,331.5% in the 2nd quarter. BlueMountain Capital Management LLC now owns 1,274 shares of the insurance provider’s stock worth $153,000 after purchasing an additional 1,185 shares during the period. Korea Investment CORP purchased a new position in RenaissanceRe in the 2nd quarter worth approximately $168,000. Finally, ING Groep NV purchased a new position in RenaissanceRe in the 2nd quarter worth approximately $742,000. 96.65% of the stock is currently owned by institutional investors.
Shares of RenaissanceRe stock opened at $139.20 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.67 and a current ratio of 1.67. The company has a market capitalization of $5.39 billion, a price-to-earnings ratio of -16.67, a P/E/G ratio of 1.47 and a beta of 0.67. RenaissanceRe Holdings Ltd. has a one year low of $116.50 and a one year high of $142.56.
RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, October 30th. The insurance provider reported $0.52 EPS for the quarter, topping the Zacks’ consensus estimate of $0.10 by $0.42. The business had revenue of $453.30 million for the quarter, compared to analysts’ expectations of $416.49 million. RenaissanceRe had a return on equity of 10.52% and a net margin of 15.07%. The business’s quarterly revenue was down 6.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($13.81) EPS. As a group, equities analysts expect that RenaissanceRe Holdings Ltd. will post 9.12 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 14th will be paid a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $1.32 annualized dividend and a dividend yield of 0.95%. RenaissanceRe’s dividend payout ratio (DPR) is presently -15.81%.
In other news, Director Henry Klehm III sold 810 shares of the business’s stock in a transaction that occurred on Wednesday, November 7th. The stock was sold at an average price of $128.00, for a total transaction of $103,680.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 1.50% of the stock is currently owned by insiders.
A number of brokerages have commented on RNR. Citigroup decreased their price target on RenaissanceRe from $161.00 to $153.00 and set a “buy” rating on the stock in a research note on Monday, October 22nd. Zacks Investment Research cut RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Monday, October 22nd. Buckingham Research lifted their price target on RenaissanceRe from $145.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, October 3rd. Wells Fargo & Co reaffirmed a “hold” rating and issued a $130.00 price target on shares of RenaissanceRe in a research note on Wednesday, October 17th. Finally, Deutsche Bank raised RenaissanceRe from a “hold” rating to a “buy” rating and set a $150.00 price target on the stock in a research note on Wednesday, November 7th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $143.00.
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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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