Verition Fund Management LLC Sells 4,262 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Verition Fund Management LLC trimmed its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 248,911 shares of the insurance provider’s stock after selling 4,262 shares during the quarter. RenaissanceRe makes up 0.3% of Verition Fund Management LLC’s investment portfolio, making the stock its 11th largest position. Verition Fund Management LLC owned approximately 0.48% of RenaissanceRe worth $67,803,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. ORG Wealth Partners LLC purchased a new position in shares of RenaissanceRe in the third quarter valued at about $30,000. Blue Trust Inc. purchased a new position in RenaissanceRe during the 2nd quarter valued at about $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, Advisors Asset Management Inc. purchased a new stake in RenaissanceRe in the 3rd quarter worth approximately $45,000. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Trading Up 1.1 %

Shares of NYSE:RNR opened at $285.44 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43. RenaissanceRe Holdings Ltd. has a 1 year low of $188.24 and a 1 year high of $300.00. The company has a market cap of $14.83 billion, a P/E ratio of 4.11, a PEG ratio of 1.39 and a beta of 0.39. The stock’s fifty day moving average price is $269.96 and its 200-day moving average price is $246.02.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share for the quarter, topping analysts’ consensus estimates of $7.89 by $2.34. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. RenaissanceRe’s revenue was up 52.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $8.33 EPS. Sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.55%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe’s dividend payout ratio is currently 2.25%.

Analyst Ratings Changes

A number of brokerages recently commented on RNR. Evercore ISI upped their target price on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a report on Thursday, November 7th. Bank of America upped their price objective on shares of RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Jefferies Financial Group boosted their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods decreased their price target on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating for the company in a research note on Tuesday, November 12th. Finally, Barclays assumed coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average target price of $293.00.

Insiders Place Their Bets

In other news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the sale, the executive vice president now owns 82,044 shares of the company’s stock, valued at $22,890,276. This represents a 1.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is currently owned by 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.