Wedge Capital Management L L P NC Has $3.20 Million Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Wedge Capital Management L L P NC cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 9.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,734 shares of the insurance provider’s stock after selling 1,182 shares during the period. Wedge Capital Management L L P NC’s holdings in RenaissanceRe were worth $3,196,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. EverSource Wealth Advisors LLC lifted its position in RenaissanceRe by 19.8% during 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 period. CWM LLC raised its position in shares of RenaissanceRe by 8.7% in the 1st quarter. CWM LLC now owns 610 shares of the insurance provider’s stock valued at $143,000 after buying an additional 49 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of RenaissanceRe by 0.9% during the 1st quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock worth $1,342,000 after acquiring an additional 50 shares during the period. Hilltop National Bank boosted its position in shares of RenaissanceRe by 14.9% during the 2nd quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock worth $89,000 after acquiring an additional 52 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in RenaissanceRe by 23.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after acquiring an additional 64 shares during the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RNR. JPMorgan Chase & Co. upped their target price on RenaissanceRe from $267.00 to $274.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Barclays began coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective for the company. Jefferies Financial Group lifted their target price on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Citigroup increased their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, StockNews.com raised shares of RenaissanceRe from a “hold” rating to a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $289.00.

RenaissanceRe Trading Down 1.5 %

RNR opened at $274.50 on Wednesday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. RenaissanceRe Holdings Ltd. has a fifty-two week low of $188.24 and a fifty-two week high of $283.86. The company’s 50 day moving average price is $257.49 and its two-hundred day moving average price is $235.72. The firm has a market capitalization of $14.32 billion, a price-to-earnings ratio of 5.43, a PEG ratio of 1.68 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping the consensus estimate of $10.88 by $1.53. The company had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. As a group, research analysts predict that RenaissanceRe Holdings Ltd. will post 40.68 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were given a dividend of $0.39 per share. The ex-dividend date was Friday, September 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.57%. RenaissanceRe’s dividend payout ratio (DPR) is 3.08%.

Insider Buying and Selling

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $269.00, for a total transaction of $269,000.00. Following the completion of the transaction, the executive vice president now owns 83,044 shares in the company, valued at approximately $22,338,836. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $224.56, for a total transaction of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares in the company, valued at $16,598,352.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $269.00, for a total value of $269,000.00. Following the completion of the sale, the executive vice president now owns 83,044 shares of the company’s stock, valued at approximately $22,338,836. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 4,500 shares of company stock valued at $1,109,400 over the last ninety days. 1.30% of the stock is owned by company insiders.

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.