Bank of New York Mellon Corp Has $126.22 Million Holdings in RenaissanceRe Holdings Ltd. $RNR

Bank of New York Mellon Corp cut its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 44.1% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 448,929 shares of the insurance provider’s stock after selling 353,661 shares during the period. Bank of New York Mellon Corp’s holdings in RenaissanceRe were worth $126,221,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Goldman Sachs Group Inc. grew its stake in RenaissanceRe by 80.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 324,650 shares of the insurance provider’s stock worth $91,279,000 after buying an additional 144,743 shares in the last quarter. Impact Partnership Wealth LLC grew its stake in RenaissanceRe by 23.2% during the fourth quarter. Impact Partnership Wealth LLC now owns 2,641 shares of the insurance provider’s stock worth $743,000 after buying an additional 498 shares in the last quarter. Norges Bank acquired a new stake in RenaissanceRe during the fourth quarter worth about $168,582,000. Hillsdale Investment Management Inc. acquired a new stake in RenaissanceRe during the fourth quarter worth about $4,105,000. Finally, Fideuram Asset Management Ireland dac acquired a new stake in RenaissanceRe during the fourth quarter worth about $238,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Stock Up 4.0%

Shares of NYSE RNR opened at $288.94 on Friday. The company has a 50 day simple moving average of $299.29 and a 200 day simple moving average of $288.25. The firm has a market cap of $12.32 billion, a PE ratio of 4.82, a price-to-earnings-growth ratio of 0.79 and a beta of 0.18. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $318.20. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The business had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. On average, research analysts forecast that RenaissanceRe Holdings Ltd. will post 40.02 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.41 per share. The ex-dividend date is Monday, June 15th. This represents a $1.64 annualized dividend and a yield of 0.6%. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.73%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RNR. Mizuho set a $325.00 price objective on shares of RenaissanceRe in a research note on Monday, May 4th. UBS Group increased their price objective on shares of RenaissanceRe from $319.00 to $326.00 and gave the stock a “neutral” rating in a research note on Monday, May 4th. TD Cowen increased their price objective on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock a “hold” rating in a research note on Thursday, February 26th. Citigroup increased their price objective on shares of RenaissanceRe from $333.00 to $335.00 and gave the stock a “neutral” rating in a research note on Friday, May 1st. Finally, Weiss Ratings raised shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, May 26th. Four investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $322.93.

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.