AGF Management Ltd. Sells 3,520 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

AGF Management Ltd. lowered its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 27.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,226 shares of the insurance provider’s stock after selling 3,520 shares during the period. AGF Management Ltd.’s holdings in RenaissanceRe were worth $2,296,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Impax Asset Management Group plc boosted its holdings in RenaissanceRe by 10.8% in the fourth quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock valued at $466,969,000 after acquiring an additional 182,530 shares in the last quarter. Geode Capital Management LLC boosted its holdings in RenaissanceRe by 2.9% in the third quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock valued at $250,892,000 after acquiring an additional 25,773 shares in the last quarter. Davis Selected Advisers boosted its holdings in RenaissanceRe by 0.8% in the fourth quarter. Davis Selected Advisers now owns 142,313 shares of the insurance provider’s stock valued at $35,409,000 after acquiring an additional 1,099 shares in the last quarter. Nepsis Inc. boosted its holdings in RenaissanceRe by 32.9% in the fourth quarter. Nepsis Inc. now owns 128,983 shares of the insurance provider’s stock valued at $32,092,000 after acquiring an additional 31,915 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its position in RenaissanceRe by 3.4% during the fourth quarter. Fisher Asset Management LLC now owns 83,483 shares of the insurance provider’s stock valued at $20,771,000 after buying an additional 2,710 shares during the period. Institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on RNR shares. JMP Securities reissued a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Keefe, Bruyette & Woods lowered their price objective on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a research report on Tuesday, February 4th. Morgan Stanley lowered their price objective on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating for the company in a research report on Friday, January 31st. Wells Fargo & Company lowered their price objective on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a research report on Thursday, January 30th. Finally, Barclays lowered RenaissanceRe from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $284.00 to $234.00 in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and a consensus target price of $279.90.

Insiders Place Their Bets

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the completion of the sale, the executive vice president now directly owns 79,392 shares in the company, valued at $20,178,270.72. The trade was a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.30% of the stock is owned by insiders.

RenaissanceRe Price Performance

RNR opened at $239.63 on Friday. RenaissanceRe Holdings Ltd. has a 1 year low of $208.98 and a 1 year high of $300.00. The stock has a 50-day moving average price of $242.19 and a 200-day moving average price of $257.59. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. The firm has a market cap of $11.80 billion, a PE ratio of 6.84, a P/E/G ratio of 2.09 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.40 dividend. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.60 dividend on an annualized basis and a yield of 0.67%. RenaissanceRe’s payout ratio is 4.57%.

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.