Allspring Global Investments Holdings LLC Reduces Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Allspring Global Investments Holdings LLC cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 31.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 2,102 shares of the insurance provider’s stock after selling 973 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in RenaissanceRe were worth $573,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. ORG Wealth Partners LLC purchased a new stake in RenaissanceRe during the 3rd quarter valued at about $30,000. Blue Trust Inc. bought a new position in RenaissanceRe during the 2nd quarter valued at approximately $27,000. UMB Bank n.a. raised its position in RenaissanceRe by 316.7% during the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 95 shares during the last quarter. V Square Quantitative Management LLC bought a new position in RenaissanceRe during the 2nd quarter valued at approximately $31,000. Finally, EntryPoint Capital LLC bought a new position in RenaissanceRe during the 1st quarter valued at approximately $46,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

RNR stock opened at $264.07 on Friday. RenaissanceRe Holdings Ltd. has a one year low of $188.24 and a one year high of $284.36. The company’s fifty day moving average price is $266.06 and its 200-day moving average price is $240.01. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The company has a market capitalization of $13.77 billion, a PE ratio of 5.22, a price-to-earnings-growth ratio of 1.75 and a beta of 0.38.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the transaction, the executive vice president now owns 82,044 shares in the company, valued at $22,890,276. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.30% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on RNR. Bank of America upped their price target on RenaissanceRe from $364.00 to $391.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Evercore ISI upped their price target on RenaissanceRe from $218.00 to $229.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 9th. Citigroup raised their price objective on RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Wells Fargo & Company lifted their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Finally, UBS Group lowered their price target on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating for the company in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $289.00.

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.