RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC reduced its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 42.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,207 shares of the insurance provider’s stock after selling 895 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in RenaissanceRe were worth $300,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Lightrock Netherlands B.V. acquired a new position in shares of RenaissanceRe during the fourth quarter valued at $4,607,000. Benedict Financial Advisors Inc. grew its position in RenaissanceRe by 0.7% in the 4th quarter. Benedict Financial Advisors Inc. now owns 12,603 shares of the insurance provider’s stock valued at $3,136,000 after buying an additional 86 shares in the last quarter. Advisors Preferred LLC acquired a new position in RenaissanceRe during the 4th quarter valued at about $428,000. Bleakley Financial Group LLC increased its stake in RenaissanceRe by 83.5% during the 4th quarter. Bleakley Financial Group LLC now owns 2,112 shares of the insurance provider’s stock valued at $525,000 after buying an additional 961 shares during the period. Finally, Choreo LLC bought a new stake in shares of RenaissanceRe during the 4th quarter worth about $2,993,000. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Trading Up 1.9 %

Shares of RNR opened at $232.80 on Wednesday. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $11.47 billion, a P/E ratio of 6.65, a P/E/G ratio of 2.09 and a beta of 0.43. RenaissanceRe Holdings Ltd. has a 1-year low of $208.98 and a 1-year high of $300.00. The business’s 50-day moving average price is $244.74 and its 200 day moving average price is $258.09.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. Analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.40 per share. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, March 14th. This represents a $1.60 annualized dividend and a dividend yield of 0.69%. RenaissanceRe’s payout ratio is presently 4.57%.

Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the transaction, the executive vice president now directly owns 79,392 shares in the company, valued at $20,178,270.72. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Jefferies Financial Group reiterated a “hold” rating and set a $282.00 price objective (down previously from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Wells Fargo & Company lowered their price target on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Morgan Stanley dropped their price objective on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Evercore ISI raised their target price on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research note on Thursday, November 7th. Finally, JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $279.90.

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.