RenaissanceRe (NYSE:RNR) Shares Gap Down on Insider Selling

by · The Cerbat Gem

Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Free Report) gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $279.69, but opened at $272.09. RenaissanceRe shares last traded at $255.08, with a volume of 276,977 shares trading hands.

Specifically, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the completion of the sale, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

RNR has been the subject of several recent analyst reports. Wells Fargo & Company reduced their price objective on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Citigroup raised their target price on RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. increased their price target on shares of RenaissanceRe from $265.00 to $267.00 and gave the stock a “neutral” rating in a research report on Thursday, July 25th. StockNews.com cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday, September 6th. Finally, Bank of America raised their price objective on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, RenaissanceRe has an average rating of “Hold” and an average target price of $275.56.

Check Out Our Latest Report on RenaissanceRe

RenaissanceRe Stock Performance

The stock’s 50-day simple moving average is $252.94 and its 200 day simple moving average is $234.25. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $13.64 billion, a price-to-earnings ratio of 5.78, a price-to-earnings-growth ratio of 1.71 and a beta of 0.38.

RenaissanceRe (NYSE:RNR – Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping analysts’ consensus estimates of $10.88 by $1.53. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The company had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $2.93 billion. Analysts expect that RenaissanceRe Holdings Ltd. will post 39.46 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date was Friday, September 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Institutional Investors Weigh In On RenaissanceRe

Several hedge funds have recently modified their holdings of the company. Greenfield Savings Bank acquired a new position in shares of RenaissanceRe during the 3rd quarter valued at $230,000. GAMMA Investing LLC increased its holdings in RenaissanceRe by 68.5% during the third quarter. GAMMA Investing LLC now owns 959 shares of the insurance provider’s stock worth $261,000 after buying an additional 390 shares during the last quarter. Handelsbanken Fonder AB raised its holdings in shares of RenaissanceRe by 11.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 12,300 shares of the insurance provider’s stock worth $3,351,000 after purchasing an additional 1,300 shares during the period. Sanctuary Advisors LLC bought a new position in shares of RenaissanceRe during the 2nd quarter worth $229,000. Finally, Delphi Management Inc. MA boosted its position in RenaissanceRe by 2.2% during the second quarter. Delphi Management Inc. MA now owns 7,512 shares of the insurance provider’s stock worth $1,679,000 after purchasing an additional 161 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

About RenaissanceRe

(Get Free Report)

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.

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