TAP Consulting LLC Lowers Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

TAP Consulting LLC trimmed its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 9.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,324 shares of the insurance provider’s stock after selling 952 shares during the period. TAP Consulting LLC’s holdings in RenaissanceRe were worth $1,827,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RNR. National Bank of Canada FI grew its position in RenaissanceRe by 3,482.3% in the 3rd quarter. National Bank of Canada FI now owns 6,484 shares of the insurance provider’s stock valued at $1,281,000 after buying an additional 6,303 shares during the last quarter. CWM LLC boosted its position in shares of RenaissanceRe by 200.0% during the 3rd quarter. CWM LLC now owns 636 shares of the insurance provider’s stock worth $126,000 after purchasing an additional 424 shares in the last quarter. Global Retirement Partners LLC boosted its position in shares of RenaissanceRe by 519.4% during the 3rd quarter. Global Retirement Partners LLC now owns 192 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 161 shares in the last quarter. Exchange Traded Concepts LLC purchased a new stake in shares of RenaissanceRe during the 3rd quarter worth $730,000. Finally, Benedict Financial Advisors Inc. boosted its position in shares of RenaissanceRe by 1.0% during the 3rd quarter. Benedict Financial Advisors Inc. now owns 12,084 shares of the insurance provider’s stock worth $2,392,000 after purchasing an additional 118 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

RNR stock traded down $0.20 during trading on Thursday, hitting $219.60. The stock had a trading volume of 213,986 shares, compared to its average volume of 358,260. The company’s 50 day moving average price is $227.06 and its two-hundred day moving average price is $216.09. RenaissanceRe Holdings Ltd. has a 1-year low of $174.22 and a 1-year high of $239.42. The stock has a market cap of $11.58 billion, a price-to-earnings ratio of 4.29, a price-to-earnings-growth ratio of 2.92 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.40 and a current ratio of 1.40.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share for the quarter, beating the consensus estimate of $8.13 by $3.64. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the previous year, the company posted $7.33 EPS. The firm’s revenue for the quarter was up 17.9% on a year-over-year basis. On average, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 34.41 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a dividend of $0.39 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.71%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.38. RenaissanceRe’s dividend payout ratio is currently 3.05%.

Insider Activity

In other news, EVP David E. Marra sold 750 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total transaction of $171,750.00. Following the completion of the transaction, the executive vice president now owns 79,699 shares of the company’s stock, valued at approximately $18,251,071. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Carol P. Sanders sold 880 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the completion of the sale, the director now owns 5,363 shares in the company, valued at approximately $1,220,565.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David E. Marra sold 750 shares of the business’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $229.00, for a total value of $171,750.00. Following the sale, the executive vice president now owns 79,699 shares of the company’s stock, valued at approximately $18,251,071. The disclosure for this sale can be found here. Insiders sold a total of 4,130 shares of company stock valued at $958,429 in the last 90 days. 1.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

RNR has been the topic of several research analyst reports. TD Cowen initiated coverage on shares of RenaissanceRe in a research report on Wednesday, January 10th. They set a “market perform” rating on the stock. BMO Capital Markets boosted their target price on shares of RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $204.00 to $237.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. UBS Group lifted their price target on RenaissanceRe from $229.00 to $238.00 and gave the stock a “neutral” rating in a research note on Monday, February 5th. Finally, Evercore ISI lifted their price target on RenaissanceRe from $213.00 to $216.00 and gave the stock an “underperform” rating in a research note on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $247.89.

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.