Truist Financial Corp Sells 75 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Truist Financial Corp lessened its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 4,047 shares of the insurance provider’s stock after selling 75 shares during the period. Truist Financial Corp’s holdings in RenaissanceRe were worth $1,007,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of RNR. Impax Asset Management Group plc lifted its position in shares of RenaissanceRe by 32.4% in the third quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock valued at $461,679,000 after acquiring an additional 415,366 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of RenaissanceRe in the third quarter valued at about $18,969,000. Northwest & Ethical Investments L.P. purchased a new position in shares of RenaissanceRe in the third quarter valued at about $17,086,000. World Investment Advisors LLC purchased a new position in shares of RenaissanceRe in the third quarter valued at about $16,176,000. Finally, Assetmark Inc. lifted its position in shares of 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 acquiring an additional 43,384 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

RNR has been the topic of a number of research analyst reports. Jefferies Financial Group reiterated a “hold” rating and issued a $282.00 target price (down from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. Wells Fargo & Company decreased their target price on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a research report on Thursday, January 30th. Evercore ISI boosted their target price on RenaissanceRe from $229.00 to $246.00 and gave the stock an “underperform” rating in a research report on Thursday, November 7th. Keefe, Bruyette & Woods decreased their target price on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. boosted their target price on RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a research report on Friday, January 3rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe presently has a consensus rating of “Hold” and a consensus price target of $279.90.

Insider Activity

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following 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 transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.30% of the company’s stock.

RenaissanceRe Trading Up 1.7 %

Shares of RNR stock opened at $237.63 on Friday. RenaissanceRe Holdings Ltd. has a 1 year low of $208.98 and a 1 year high of $300.00. 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 stock’s 50 day simple moving average is $244.00 and its two-hundred day simple moving average is $257.93. The company has a market cap of $11.70 billion, a PE ratio of 6.79, a price-to-earnings-growth ratio of 2.09 and a beta of 0.43.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. Research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.40 per share. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.67%. 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.