RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by Middleton & Co. Inc. MA

Middleton & Co. Inc. MA trimmed its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 11.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 15,794 shares of the insurance provider’s stock after selling 1,950 shares during the quarter. Middleton & Co. Inc. MA’s holdings in RenaissanceRe were worth $3,530,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in RenaissanceRe by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after buying an additional 148,173 shares in the last quarter. Bank of New York Mellon Corp lifted its position in RenaissanceRe by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock worth $646,806,000 after purchasing an additional 124,039 shares during the period. Capital World Investors boosted its stake in RenaissanceRe by 1.0% during the 4th quarter. Capital World Investors now owns 2,539,332 shares of the insurance provider’s stock valued at $497,709,000 after purchasing an additional 25,898 shares in the last quarter. Capital Research Global Investors boosted its stake in RenaissanceRe by 5.3% during the 4th quarter. Capital Research Global Investors now owns 1,423,281 shares of the insurance provider’s stock valued at $278,963,000 after purchasing an additional 71,377 shares in the last quarter. Finally, American International Group Inc. lifted its stake in RenaissanceRe by 1,829.6% during the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after buying an additional 1,321,325 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $262.78 on Thursday. RenaissanceRe Holdings Ltd. has a 1-year low of $188.24 and a 1-year high of $268.61. The firm has a fifty day simple moving average of $240.27 and a 200-day simple moving average of $230.55. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $13.90 billion, a price-to-earnings ratio of 5.81, a PEG ratio of 1.39 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.88 by $1.53. The company had revenue of $2.95 billion during the quarter, compared to analysts’ expectations of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. On average, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 39.01 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.59%. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RNR. StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Friday, September 6th. Morgan Stanley lowered their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. UBS Group reduced their target price on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a report on Tuesday, July 9th. JPMorgan Chase & Co. upped their target price on RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. Finally, Bank of America upped their price objective on shares of RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $272.60.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the completion of the transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction on Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. The disclosure for this sale can be found here. Corporate insiders own 1.30% of the company’s stock.

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.