RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.7% in the 4th quarter, HoldingsChannel reports. The fund owned 6,520 shares of the insurance provider’s stock after selling 47 shares during the period. Fifth Third Bancorp’s holdings in RenaissanceRe were worth $1,622,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. ORG Wealth Partners LLC bought a new position in RenaissanceRe during the 3rd quarter valued at $30,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of RenaissanceRe by 51.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock valued at $30,000 after buying an additional 41 shares during the period. UMB Bank n.a. boosted its stake in RenaissanceRe by 316.7% during the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after buying an additional 95 shares in the last quarter. Advisors Asset Management Inc. acquired a new position in RenaissanceRe during the third quarter worth about $45,000. Finally, V Square Quantitative Management LLC grew its stake in shares of RenaissanceRe by 29.5% in the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after purchasing an additional 41 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Insiders Place Their Bets

In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the transaction, the executive vice president now directly owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on RNR shares. Keefe, Bruyette & Woods boosted their target price on RenaissanceRe from $310.00 to $318.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Jefferies Financial Group reissued a “hold” rating and set a $282.00 target price (down previously from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Barclays downgraded RenaissanceRe from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $284.00 to $234.00 in a report on Monday, January 6th. Wells Fargo & Company lowered their target price on shares of RenaissanceRe from $301.00 to $288.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 14th. Finally, StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $284.00.

RenaissanceRe Stock Performance

RNR opened at $259.23 on Wednesday. The stock’s 50 day simple moving average is $261.72 and its 200-day simple moving average is $257.43. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. The stock has a market cap of $13.46 billion, a PE ratio of 3.74, a P/E/G ratio of 1.90 and a beta of 0.44. RenaissanceRe Holdings Ltd. has a 1 year low of $208.98 and a 1 year high of $300.00.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 42.52 EPS for the current year.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.60%. The ex-dividend date of this dividend was Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) 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.