JPMorgan Chase & Co. Cuts Position in RenaissanceRe Holdings Ltd. $RNR

JPMorgan Chase & Co. lessened its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 34.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 157,208 shares of the insurance provider’s stock after selling 82,122 shares during the quarter. JPMorgan Chase & Co.’s holdings in RenaissanceRe were worth $39,923,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in RNR. Financial Consulate Inc. bought a new stake in RenaissanceRe during the third quarter worth about $29,000. 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 valued at $33,000 after purchasing an additional 79 shares during the last quarter. Quarry LP raised its holdings in shares of RenaissanceRe by 65.0% during the 3rd quarter. Quarry LP now owns 132 shares of the insurance provider’s stock valued at $34,000 after buying an additional 52 shares in the last quarter. CIBC Private Wealth Group LLC raised its holdings in shares of RenaissanceRe by 235.0% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider’s stock valued at $34,000 after buying an additional 94 shares in the last quarter. Finally, Root Financial Partners LLC bought a new stake in RenaissanceRe in the 3rd quarter worth approximately $36,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $290.94 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.43 and a quick ratio of 1.43. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $315.88. The business’s 50 day simple moving average is $290.95 and its two-hundred day simple moving average is $270.92. The stock has a market capitalization of $12.55 billion, a P/E ratio of 5.13, a price-to-earnings-growth ratio of 0.68 and a beta of 0.21.

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

RenaissanceRe Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $0.41 dividend. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.64 dividend on an annualized basis and a yield of 0.6%. RenaissanceRe’s payout ratio is 2.89%.

Wall Street Analyst Weigh In

Several analysts have issued reports on RNR shares. Evercore upped their target price on RenaissanceRe from $283.00 to $291.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 4th. Wall Street Zen upgraded shares of RenaissanceRe from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Wells Fargo & Company upped their price objective on shares of RenaissanceRe from $281.00 to $306.00 and gave the company an “equal weight” rating in a research note on Thursday, February 5th. TD Cowen increased their target price on shares of RenaissanceRe from $280.00 to $290.00 and gave the company a “hold” rating in a report on Thursday, February 26th. Finally, Zacks Research cut shares of RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. Three equities research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $310.27.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total value of $1,528,750.00. Following the transaction, the executive vice president owned 73,023 shares in the company, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.

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.