RenaissanceRe (NYSE:RNR) Shares Gap Down Following Insider Selling

RenaissanceRe Holdings Ltd. (NYSE:RNR)’s share price gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $279.69, but opened at $272.09. RenaissanceRe shares last traded at $255.08, with a volume of 276,977 shares.

Specifically, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 82,044 shares in the company, valued at approximately $22,890,276. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

RNR has been the subject of several recent research reports. JPMorgan Chase & Co. boosted their price objective on RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. StockNews.com downgraded shares of RenaissanceRe from a “buy” rating to a “hold” rating in a report on Friday, September 6th. Wells Fargo & Company reduced their price objective on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a report on Friday, July 26th. Citigroup upped their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Barclays assumed coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 target price on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $275.56.

RenaissanceRe Trading Down 7.0 %

The firm has a 50 day moving average of $251.77 and a 200 day moving average of $233.86. The firm has a market cap of $13.57 billion, a PE ratio of 6.18, a P/E/G ratio of 1.71 and a beta of 0.38. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping the consensus estimate of $10.88 by $1.53. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The company had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. Equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 39.46 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend was Friday, September 13th. RenaissanceRe’s dividend payout ratio (DPR) is currently 3.45%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of RNR. EntryPoint Capital LLC bought a new position in shares of RenaissanceRe in the first quarter worth $46,000. Royal London Asset Management Ltd. raised its holdings in shares of RenaissanceRe by 38.3% in the 4th quarter. Royal London Asset Management Ltd. now owns 24,811 shares of the insurance provider’s stock valued at $4,863,000 after acquiring an additional 6,874 shares in the last quarter. American International Group Inc. boosted its position in shares of RenaissanceRe by 1,829.6% during the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after acquiring an additional 1,321,325 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in RenaissanceRe in the second quarter valued at approximately $2,887,000. Finally, Russell Investments Group Ltd. lifted its position in RenaissanceRe by 16.9% during the first quarter. Russell Investments Group Ltd. now owns 27,448 shares of the insurance provider’s stock valued at $6,451,000 after purchasing an additional 3,962 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

About RenaissanceRe

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.