TimesSquare Capital Management LLC Cuts Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

TimesSquare Capital Management LLC reduced its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 22.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 285,750 shares of the insurance provider’s stock after selling 83,386 shares during the quarter. RenaissanceRe makes up 1.2% of TimesSquare Capital Management LLC’s holdings, making the stock its 22nd largest position. TimesSquare Capital Management LLC owned 0.55% of RenaissanceRe worth $77,838,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. ORG Wealth Partners LLC purchased a new position in RenaissanceRe in the third quarter worth $30,000. Blue Trust Inc. acquired a new stake in shares of RenaissanceRe in the 2nd quarter worth $27,000. UMB Bank n.a. grew its stake in RenaissanceRe by 316.7% during the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after buying an additional 95 shares during the last quarter. V Square Quantitative Management LLC acquired a new position in RenaissanceRe during the 2nd quarter valued at about $31,000. Finally, EntryPoint Capital LLC purchased a new stake in RenaissanceRe in the first quarter valued at about $46,000. Institutional investors own 99.97% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Barclays started coverage on shares of RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective for the company. Jefferies Financial Group boosted their price target on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Bank of America raised their price objective on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Wells Fargo & Company increased their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $291.30.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the business’s 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 completion of the sale, the executive vice president now directly owns 82,044 shares in the company, valued at approximately $22,890,276. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.30% of the stock is currently owned by insiders.

RenaissanceRe Trading Up 0.9 %

Shares of RNR stock opened at $268.12 on Friday. RenaissanceRe Holdings Ltd. has a 1-year low of $188.24 and a 1-year high of $300.00. The company has a market cap of $13.98 billion, a price-to-earnings ratio of 3.86, a PEG ratio of 1.82 and a beta of 0.39. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The stock has a 50 day simple moving average of $267.63 and a 200-day simple moving average of $241.84.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 27.34%. The firm’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same period in the prior year, the business posted $8.33 earnings per share. On average, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 39.96 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.58%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s dividend payout ratio is presently 2.25%.

RenaissanceRe 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.