Rowland & Co. Investment Counsel ADV Has $952,000 Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Rowland & Co. Investment Counsel ADV reduced its stake in RenaissanceRe Holdings Ltd. (NYSE:RNRGet Rating) by 10.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,623 shares of the insurance provider’s stock after selling 691 shares during the quarter. Rowland & Co. Investment Counsel ADV’s holdings in RenaissanceRe were worth $952,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the stock. Teacher Retirement System of Texas increased its holdings in RenaissanceRe by 16.1% in the fourth quarter. Teacher Retirement System of Texas now owns 9,171 shares of the insurance provider’s stock worth $1,553,000 after purchasing an additional 1,272 shares in the last quarter. Balyasny Asset Management LLC bought a new stake in shares of RenaissanceRe during the third quarter valued at approximately $9,054,000. Bridgefront Capital LLC bought a new stake in shares of RenaissanceRe during the fourth quarter valued at approximately $210,000. abrdn plc increased its holdings in shares of RenaissanceRe by 1.9% during the fourth quarter. abrdn plc now owns 6,295 shares of the insurance provider’s stock valued at $1,066,000 after acquiring an additional 120 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in shares of RenaissanceRe by 15.4% during the third quarter. Goldman Sachs Group Inc. now owns 91,825 shares of the insurance provider’s stock valued at $12,800,000 after acquiring an additional 12,248 shares in the last quarter. 98.18% of the stock is currently owned by institutional investors.

Several equities research analysts recently issued reports on RNR shares. Morgan Stanley decreased their price target on RenaissanceRe from $175.00 to $162.00 and set an “equal weight” rating for the company in a report on Monday. TheStreet downgraded RenaissanceRe from a “b-” rating to a “c” rating in a report on Thursday, March 10th. Finally, StockNews.com started coverage on RenaissanceRe in a report on Thursday, March 31st. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $175.20.

Shares of NYSE RNR traded down $0.41 during trading on Wednesday, reaching $151.06. 283,887 shares of the stock traded hands, compared to its average volume of 393,210. RenaissanceRe Holdings Ltd. has a 52-week low of $134.70 and a 52-week high of $174.54. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.35 and a quick ratio of 1.35. The company has a 50-day moving average of $151.03 and a 200-day moving average of $156.42. The stock has a market capitalization of $6.68 billion, a P/E ratio of -31.39 and a beta of 0.58.

RenaissanceRe (NYSE:RNRGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The insurance provider reported $3.50 EPS for the quarter, missing analysts’ consensus estimates of $4.63 by ($1.13). RenaissanceRe had a negative net margin of 2.68% and a positive return on equity of 4.25%. The firm had revenue of $2.17 billion for the quarter, compared to analysts’ expectations of $2 billion. During the same period in the prior year, the company earned $0.09 EPS. The firm’s quarterly revenue was up 18.7% on a year-over-year basis. Analysts expect that RenaissanceRe Holdings Ltd. will post 15.43 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 15th will be paid a dividend of $0.37 per share. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 0.98%. RenaissanceRe’s payout ratio is -30.52%.

In related news, Director David C. Bushnell sold 600 shares of the business’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $148.41, for a total transaction of $89,046.00. Following the sale, the director now directly owns 19,914 shares in the company, valued at approximately $2,955,436.74. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.30% of the company’s stock.

RenaissanceRe Company Profile (Get Rating)

RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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.

Further Reading

Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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