Bank of Montreal Can Decreases Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bank of Montreal Can decreased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 4.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 41,854 shares of the insurance provider’s stock after selling 1,811 shares during the quarter. Bank of Montreal Can’s holdings in RenaissanceRe were worth $9,624,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. American International Group Inc. grew its stake in RenaissanceRe by 1,829.6% during the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after purchasing an additional 1,321,325 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of RenaissanceRe by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock worth $1,090,875,000 after buying an additional 148,173 shares during the period. Dimensional Fund Advisors LP raised its holdings in RenaissanceRe by 21.3% in the second quarter. Dimensional Fund Advisors LP now owns 624,469 shares of the insurance provider’s stock valued at $139,579,000 after acquiring an additional 109,851 shares in the last quarter. Impax Asset Management Group plc lifted its stake in RenaissanceRe by 7.7% in the second quarter. Impax Asset Management Group plc now owns 1,282,270 shares of the insurance provider’s stock worth $286,028,000 after acquiring an additional 91,425 shares during the last quarter. Finally, Cooke & Bieler LP grew its holdings in RenaissanceRe by 9.2% during the 2nd quarter. Cooke & Bieler LP now owns 1,027,601 shares of the insurance provider’s stock worth $229,679,000 after acquiring an additional 86,562 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $269.40 on Monday. The stock has a fifty day moving average price of $246.67 and a 200 day moving average price of $232.49. RenaissanceRe Holdings Ltd. has a 1-year low of $188.24 and a 1-year high of $271.80. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market cap of $14.05 billion, a PE ratio of 5.95, a P/E/G ratio of 1.44 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last released its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $2.93 billion. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 39.01 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Friday, September 13th. RenaissanceRe’s payout ratio is 3.45%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Barclays assumed coverage on RenaissanceRe in a report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price target for the company. JPMorgan Chase & Co. increased their price target on shares of RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a research note on Thursday, July 25th. Bank of America boosted their price objective on shares of RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Citigroup lifted their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Finally, Wells Fargo & Company decreased 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. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $272.60.

Insider Transactions at RenaissanceRe

In related news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the sale, the chief financial officer now directly owns 73,915 shares in the company, valued at $16,598,352.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP David E. Marra sold 1,000 shares of RenaissanceRe 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 sale, the executive vice president now directly owns 83,044 shares in the company, valued at approximately $22,338,836. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $224.56, for a total value 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. The disclosure for this sale can be found here. In the last three months, insiders sold 4,500 shares of company stock valued at $1,060,400. Corporate insiders own 1.30% of the company’s stock.

RenaissanceRe 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.