Wellington Management Group LLP Sells 598 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Wellington Management Group LLP decreased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 44.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 745 shares of the insurance provider’s stock after selling 598 shares during the period. Wellington Management Group LLP’s holdings in RenaissanceRe were worth $203,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC grew its holdings in RenaissanceRe by 29.5% in the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 41 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of RenaissanceRe by 19.8% in the second quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock worth $63,000 after purchasing an additional 45 shares during the last quarter. First Citizens Bank & Trust Co. increased its holdings in RenaissanceRe by 4.6% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider’s stock valued at $292,000 after purchasing an additional 47 shares during the period. CIBC Asset Management Inc raised its position in RenaissanceRe by 3.6% during the 3rd quarter. CIBC Asset Management Inc now owns 1,530 shares of the insurance provider’s stock valued at $417,000 after purchasing an additional 53 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in RenaissanceRe by 23.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock worth $76,000 after buying an additional 64 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RNR has been the topic of several research analyst reports. Citigroup boosted their target price on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Wells Fargo & Company boosted their price objective on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Bank of America boosted their price target on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Evercore ISI raised their price objective on shares of RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $290.09.

RenaissanceRe Stock Performance

Shares of RNR opened at $249.37 on Friday. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.18. The stock has a market cap of $12.95 billion, a P/E ratio of 3.59, a P/E/G ratio of 1.31 and a beta of 0.41. The business’s 50 day moving average price is $270.56 and its 200-day moving average price is $251.05. RenaissanceRe Holdings Ltd. has a 52 week low of $190.89 and a 52 week high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.89 by $2.34. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The business’s revenue was up 52.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.33 earnings per share. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date is Friday, December 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 2.25%.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Friday, October 4th. The stock was 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 owns 82,044 shares in the company, valued at $22,890,276. This represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.30% of the company’s stock.

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.