Fisher Asset Management LLC Sells 1,993 Shares of RenaissanceRe Holdings Ltd. $RNR

Fisher Asset Management LLC lessened its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 77,288 shares of the insurance provider’s stock after selling 1,993 shares during the period. Fisher Asset Management LLC’s holdings in RenaissanceRe were worth $19,626,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Hantz Financial Services Inc. raised its stake in RenaissanceRe by 707.1% during the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 99 shares in the last quarter. Financial Consulate Inc. bought a new stake in shares of RenaissanceRe in the 3rd quarter worth about $29,000. Huntington National Bank increased its position in shares of RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 55 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 79 shares in the last quarter. Finally, Root Financial Partners LLC bought a new position in RenaissanceRe during the 3rd quarter valued at about $36,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Down 0.6%

Shares of RNR opened at $299.89 on Thursday. The business’s fifty day moving average price is $287.03 and its two-hundred day moving average price is $266.73. The firm has a market capitalization of $13.04 billion, a price-to-earnings ratio of 5.29, a PEG ratio of 0.70 and a beta of 0.21. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $315.88. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping analysts’ consensus estimates of $10.59 by $2.75. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $1.73 billion. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The firm’s quarterly revenue was up 29.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $8.06 earnings per share. On average, analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be given a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Friday, March 13th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.40. RenaissanceRe’s dividend payout ratio is currently 2.82%.

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the completion of the sale, the executive vice president owned 73,023 shares in the company, valued at $22,326,782.25. The trade was a 6.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RNR shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a research note on Monday, December 29th. Cantor Fitzgerald increased their price target on RenaissanceRe from $252.00 to $282.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Morgan Stanley downgraded RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective for the company. in a research report on Thursday, February 26th. Zacks Research lowered RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Finally, JPMorgan Chase & Co. raised their target price on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and an average price target of $310.27.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.