JPMorgan Chase & Co. Decreases Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

JPMorgan Chase & Co. lessened its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 38.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 116,587 shares of the insurance provider’s stock after selling 73,652 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.22% of RenaissanceRe worth $31,758,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Tidal Investments LLC raised its stake in shares of RenaissanceRe by 2.6% in the third quarter. Tidal Investments LLC now owns 9,236 shares of the insurance provider’s stock valued at $2,516,000 after buying an additional 232 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in RenaissanceRe in the 3rd quarter valued at about $405,000. World Investment Advisors LLC bought a new stake in RenaissanceRe in the 3rd quarter valued at about $16,176,000. Rehmann Capital Advisory Group purchased a new stake in RenaissanceRe during the third quarter valued at about $256,000. Finally, Coldstream Capital Management Inc. bought a new position in RenaissanceRe during the third quarter worth about $257,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

RNR has been the topic of several research reports. Citigroup boosted their price target 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. Wells Fargo & Company increased their target price on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Barclays cut RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $284.00 to $234.00 in a research report on Monday. StockNews.com cut RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a report on Friday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $285.64.

RenaissanceRe Stock Down 1.6 %

RNR stock opened at $248.78 on Tuesday. RenaissanceRe Holdings Ltd. has a 1-year low of $197.49 and a 1-year high of $300.00. The stock has a market cap of $12.92 billion, a price-to-earnings ratio of 3.58, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. The company’s 50 day moving average is $264.82 and its 200 day moving average is $253.41.

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

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.63%. The ex-dividend date was Friday, December 13th. RenaissanceRe’s payout ratio is currently 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.