Martingale Asset Management L P Sells 3,097 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Martingale Asset Management L P decreased its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 79,608 shares of the insurance provider’s stock after selling 3,097 shares during the quarter. Martingale Asset Management L P owned about 0.15% of RenaissanceRe worth $21,685,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Blue Trust Inc. purchased a new position in RenaissanceRe during the second quarter worth $27,000. ORG Wealth Partners LLC purchased a new stake in RenaissanceRe in the third quarter worth about $30,000. V Square Quantitative Management LLC purchased a new stake in RenaissanceRe in the second quarter worth about $31,000. UMB Bank n.a. lifted its stake in RenaissanceRe by 316.7% in the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 95 shares during the period. Finally, Advisors Asset Management Inc. bought a new position in RenaissanceRe in the third quarter worth about $45,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the transaction, the executive vice president now owns 82,044 shares in the company, valued at $22,890,276. This trade represents a 1.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RNR. Wells Fargo & Company upped their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Citigroup upped their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Jefferies Financial Group upped their price objective on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Keefe, Bruyette & Woods cut their price objective on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. Finally, StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $293.00.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $285.44 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. RenaissanceRe Holdings Ltd. has a 52 week low of $188.24 and a 52 week high of $300.00. The business’s 50 day moving average price is $269.96 and its 200 day moving average price is $246.02. The firm has a market cap of $14.83 billion, a P/E ratio of 4.11, a P/E/G ratio of 1.39 and a beta of 0.39.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping the consensus estimate of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the firm posted $8.33 EPS. The business’s quarterly revenue was up 52.1% compared to the same quarter last year. On average, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a $0.39 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.56 annualized dividend and a yield of 0.55%. RenaissanceRe’s dividend payout ratio is presently 2.25%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.