RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by New York Life Investment Management LLC

New York Life Investment Management LLC reduced its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 9.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 5,460 shares of the insurance provider’s stock after selling 538 shares during the quarter. New York Life Investment Management LLC’s holdings in RenaissanceRe were worth $1,359,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Impax Asset Management Group plc increased its stake in RenaissanceRe by 10.8% in the fourth quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock valued at $466,969,000 after purchasing an additional 182,530 shares during the last quarter. Geode Capital Management LLC increased its stake in RenaissanceRe by 2.9% in the third quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock valued at $250,892,000 after purchasing an additional 25,773 shares during the last quarter. Nepsis Inc. increased its stake in RenaissanceRe by 32.9% in the fourth quarter. Nepsis Inc. now owns 128,983 shares of the insurance provider’s stock valued at $32,092,000 after purchasing an additional 31,915 shares during the last quarter. Assetmark Inc. increased its stake in RenaissanceRe by 115.3% in the third quarter. Assetmark Inc. now owns 81,006 shares of the insurance provider’s stock valued at $22,066,000 after purchasing an additional 43,384 shares during the last quarter. Finally, Fisher Asset Management LLC increased its stake in RenaissanceRe by 12.3% in the third quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider’s stock valued at $22,003,000 after purchasing an additional 8,844 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on RNR. Keefe, Bruyette & Woods dropped their target price on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a research note on Tuesday, February 4th. JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. JPMorgan Chase & Co. upped their price target on RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research note on Friday, January 3rd. Barclays lowered RenaissanceRe from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $284.00 to $234.00 in a research note on Monday, January 6th. Finally, Evercore ISI upped their price target on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research note on Thursday, November 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and an average target price of $279.90.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the transaction, the executive vice president now owns 79,392 shares of the company’s stock, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 1.30% of the stock is currently owned by company insiders.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $240.91 on Tuesday. RenaissanceRe Holdings Ltd. has a 1-year low of $208.98 and a 1-year high of $300.00. The business has a 50-day moving average of $243.82 and a 200-day moving average of $258.09. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. The company has a market capitalization of $11.87 billion, a price-to-earnings ratio of 6.88, a PEG ratio of 2.09 and a beta of 0.43.

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

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.40 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s dividend payout ratio is currently 4.57%.

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.