Citigroup Inc. Sells 13,476 Shares of RenaissanceRe Holdings Ltd. $RNR

Citigroup Inc. decreased its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 57.4% in the third quarter, Holdings Channel.com reports. The firm owned 9,998 shares of the insurance provider’s stock after selling 13,476 shares during the period. Citigroup Inc.’s holdings in RenaissanceRe were worth $2,539,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in RenaissanceRe by 39.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider’s stock worth $2,325,000 after purchasing an additional 2,737 shares during the period. Millennium Management LLC purchased a new position in shares of RenaissanceRe during the first quarter valued at approximately $15,289,000. Jones Financial Companies Lllp grew its stake in shares of RenaissanceRe by 900.0% during the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider’s stock valued at $324,000 after buying an additional 1,215 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of RenaissanceRe by 72.5% during the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider’s stock valued at $13,725,000 after buying an additional 24,027 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in shares of RenaissanceRe in the second quarter worth approximately $454,000. Institutional investors own 99.97% of the company’s stock.

Insider Buying and Selling at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction on Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president directly 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. 1.30% of the stock is owned by insiders.

RenaissanceRe Stock Up 0.4%

Shares of RenaissanceRe stock opened at $298.89 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21. The company has a market cap of $13.00 billion, a P/E ratio of 5.27, a PEG ratio of 0.69 and a beta of 0.21. The firm’s 50 day moving average price is $287.77 and its 200-day moving average price is $267.36. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $315.88.

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

RenaissanceRe Increases Dividend

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

Analysts Set New Price Targets

RNR has been the subject of a number of research analyst reports. Wall Street Zen raised RenaissanceRe from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Barclays upped their price objective on RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a research report on Thursday, January 8th. Morgan Stanley downgraded RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 target price for the company. in a research report on Thursday, February 26th. Cantor Fitzgerald boosted their target price on shares of RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Finally, JPMorgan Chase & Co. upped their price target on shares of RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a report on Wednesday, January 7th. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $310.27.

RenaissanceRe Profile

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.