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

Brown Brothers Harriman & Co. lessened its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 33.6% in the 3rd quarter, according to its most recent disclosure 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 reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Independent Advisor Alliance bought a new position in RenaissanceRe during the 3rd quarter worth about $218,000. Fisher Asset Management LLC boosted its position in shares of RenaissanceRe by 12.3% during the third quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider’s stock worth $22,003,000 after buying an additional 8,844 shares during the period. Cerity Partners LLC grew its holdings in shares of RenaissanceRe by 69.3% during the third quarter. Cerity Partners LLC now owns 17,671 shares of the insurance provider’s stock worth $4,814,000 after buying an additional 7,231 shares in the last quarter. Citigroup Inc. raised its position in RenaissanceRe by 367.4% in the 3rd quarter. Citigroup Inc. now owns 30,476 shares of the insurance provider’s stock valued at $8,302,000 after buying an additional 23,956 shares during the last quarter. Finally, Advisors Asset Management Inc. bought a new stake in RenaissanceRe in the 3rd quarter valued at approximately $45,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Evercore ISI lifted their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a report on Thursday, November 7th. Jefferies Financial Group boosted their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Bank of America raised their price objective on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Barclays started coverage on RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 target price on the stock. Finally, JPMorgan Chase & Co. raised their price target on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $293.00.

RenaissanceRe Stock Performance

NYSE RNR opened at $282.38 on Wednesday. The firm has a 50-day moving average price of $269.13 and a two-hundred day moving average price of $245.35. RenaissanceRe Holdings Ltd. has a 12-month low of $188.24 and a 12-month high of $300.00. The company has a market capitalization of $14.67 billion, a P/E ratio of 4.07, a P/E/G ratio of 1.36 and a beta of 0.39. 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:RNR) last issued its quarterly 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. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the company posted $8.33 earnings per share. The firm’s revenue for the quarter was up 52.1% compared to the same quarter last year. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.25%.

Insider Buying and Selling

In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,044 shares in the company, valued at approximately $22,890,276. The trade was a 1.20 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.80% of the stock is currently owned by company insiders.

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.