Brown Brothers Harriman & Co. Sells 2,522 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Brown Brothers Harriman & Co. lowered its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNRFree Report) by 33.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,983 shares of the insurance provider’s stock after selling 2,522 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in RenaissanceRe were worth $1,357,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. ORG Wealth Partners LLC bought a new stake in shares of RenaissanceRe in the 3rd quarter valued at approximately $30,000. Blue Trust Inc. acquired a new stake in RenaissanceRe in the 2nd quarter valued at $27,000. UMB Bank n.a. grew its position in RenaissanceRe by 316.7% in the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 95 shares during the period. V Square Quantitative Management LLC acquired a new position in RenaissanceRe during the second quarter worth $31,000. Finally, Advisors Asset Management Inc. bought a new position in shares of RenaissanceRe during the third quarter valued at $45,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

Insider Activity

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at $22,890,276. This represents a 1.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.80% of the stock is currently owned by company insiders.

RenaissanceRe Trading Up 1.0 %

Shares of RNR opened at $282.38 on Wednesday. The stock’s fifty day simple moving average is $269.13 and its 200-day simple moving average is $245.35. The firm has a market capitalization of $14.67 billion, a PE ratio of 4.07, a price-to-earnings-growth ratio of 1.36 and a beta of 0.39. RenaissanceRe Holdings Ltd. has a 12-month low of $188.24 and a 12-month high of $300.00. 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 (NYSE:RNRGet Free Report) last issued its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.89 by $2.34. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The company’s revenue for the quarter was up 52.1% on a year-over-year basis. During the same quarter last year, the firm earned $8.33 EPS. As a group, research analysts predict that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current year.

RenaissanceRe Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group upped their target price on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Bank of America raised their price objective on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods reduced their target price on RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. Barclays began coverage on RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target for the company. Finally, Evercore ISI lifted their price objective on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $293.00.

Check Out Our Latest Analysis on RNR

About RenaissanceRe

(Free Report)

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.

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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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