RenaissanceRe Holdings Ltd. (NYSE:RNR) Stock Holdings Cut by Truist Financial Corp

Truist Financial Corp reduced its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 10.6% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,650 shares of the insurance provider’s stock after selling 669 shares during the quarter. Truist Financial Corp’s holdings in RenaissanceRe were worth $1,263,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RNR. Vanguard Group Inc. boosted its stake in RenaissanceRe by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock valued at $1,090,875,000 after purchasing an additional 148,173 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in RenaissanceRe by 21.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after purchasing an additional 109,851 shares in the last quarter. Impax Asset Management Group plc boosted its stake in RenaissanceRe by 7.7% during the 2nd quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock valued at $286,028,000 after purchasing an additional 91,425 shares in the last quarter. Cooke & Bieler LP boosted its stake in RenaissanceRe by 9.2% during the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock valued at $229,679,000 after purchasing an additional 86,562 shares in the last quarter. Finally, Global Assets Advisory LLC acquired a new stake in shares of RenaissanceRe during the 1st quarter valued at $10,329,000. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Price Performance

RNR opened at $275.55 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 12-month low of $188.24 and a 12-month high of $283.86. The stock has a fifty day moving average of $255.54 and a 200-day moving average of $235.14. The firm has a market capitalization of $14.37 billion, a P/E ratio of 5.45, a PEG ratio of 1.70 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.88 by $1.53. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The business had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.93 billion. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post 39.55 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.56 annualized dividend and a dividend yield of 0.57%. RenaissanceRe’s dividend payout ratio is 3.08%.

Analyst Ratings Changes

RNR has been the subject of a number of recent research reports. Wells Fargo & Company increased their price objective on RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Friday, September 6th. Jefferies Financial Group increased their price objective on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research report on Wednesday. UBS Group cut their price objective on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. Finally, Barclays started coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, RenaissanceRe presently has an average rating of “Hold” and a consensus price target of $289.00.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the executive vice president now directly owns 85,544 shares in the company, valued at approximately $19,675,120. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total transaction of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at $16,598,352.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the transaction, the executive vice president now directly owns 85,544 shares in the company, valued at $19,675,120. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,500 shares of company stock worth $1,339,400. Corporate insiders own 1.30% of the company’s stock.

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.