Oppenheimer Asset Management Inc. Cuts Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Oppenheimer Asset Management Inc. lessened its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,458 shares of the insurance provider’s stock after selling 70 shares during the period. Oppenheimer Asset Management Inc.’s holdings in RenaissanceRe were worth $3,394,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNR. V Square Quantitative Management LLC lifted 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 valued at $49,000 after purchasing an additional 41 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in RenaissanceRe by 19.8% during the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock valued at $63,000 after buying an additional 45 shares in the last quarter. First Citizens Bank & Trust Co. grew its stake in RenaissanceRe by 4.6% during the third quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider’s stock worth $292,000 after buying an additional 47 shares during the period. Hilltop National Bank increased its position in shares of RenaissanceRe by 14.9% in the second quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock worth $89,000 after acquiring an additional 52 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of RenaissanceRe by 23.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after acquiring an additional 64 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods decreased their price target on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. increased their target price on RenaissanceRe from $274.00 to $280.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Barclays started coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target on the stock. Citigroup increased their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Finally, Wells Fargo & Company boosted their target price on shares of RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $293.00.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total value of $279,000.00. Following the transaction, the executive vice president now owns 82,044 shares of the company’s stock, valued at $22,890,276. This trade represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.30% of the company’s stock.

RenaissanceRe Price Performance

Shares of RNR stock opened at $260.23 on Friday. The firm has a fifty day moving average of $267.97 and a two-hundred day moving average of $243.11. The firm has a market cap of $13.52 billion, a P/E ratio of 3.75, a P/E/G ratio of 1.32 and a beta of 0.39. RenaissanceRe Holdings Ltd. has a 1-year low of $188.24 and a 1-year high of $300.00. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $2.35 billion. During the same period last year, the firm earned $8.33 earnings per share. The company’s revenue for the quarter was up 52.1% compared to the same quarter last year. As a group, research analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.31 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.39 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.60%. RenaissanceRe’s dividend payout ratio (DPR) is 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.