Bank of New York Mellon Corp Has $504.11 Million Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Bank of New York Mellon Corp decreased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 6.9% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 2,026,064 shares of the insurance provider’s stock after selling 150,723 shares during the period. Bank of New York Mellon Corp owned 3.90% of RenaissanceRe worth $504,105,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Impax Asset Management Group plc grew its position in shares of RenaissanceRe by 10.8% in the fourth quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock valued at $466,969,000 after purchasing an additional 182,530 shares during the last quarter. Hussman Strategic Advisors Inc. bought a new stake in RenaissanceRe during the 4th quarter valued at approximately $1,568,000. Handelsbanken Fonder AB grew its holdings in RenaissanceRe by 6.5% in the 4th quarter. Handelsbanken Fonder AB now owns 13,100 shares of the insurance provider’s stock valued at $3,259,000 after buying an additional 800 shares during the last quarter. Private Advisor Group LLC increased its position in RenaissanceRe by 11.7% in the 4th quarter. Private Advisor Group LLC now owns 2,851 shares of the insurance provider’s stock worth $709,000 after buying an additional 298 shares during the period. Finally, Kestra Investment Management LLC lifted its holdings in shares of RenaissanceRe by 46.1% during the fourth quarter. Kestra Investment Management LLC now owns 1,991 shares of the insurance provider’s stock worth $495,000 after buying an additional 628 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

RNR has been the topic of several research analyst reports. Morgan Stanley lowered their price objective on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Friday, January 31st. Jefferies Financial Group restated a “hold” rating and issued a $282.00 price target (down from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. Keefe, Bruyette & Woods cut their price objective on shares of RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating for the company in a research report on Tuesday, February 4th. Barclays downgraded RenaissanceRe from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $284.00 to $234.00 in a research report on Monday, January 6th. Finally, JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and a consensus price target of $279.90.

RenaissanceRe Stock Up 1.9 %

NYSE RNR opened at $232.80 on Wednesday. RenaissanceRe Holdings Ltd. has a 1-year low of $208.98 and a 1-year high of $300.00. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of 6.65, a PEG ratio of 2.09 and a beta of 0.43. The stock’s 50 day moving average is $244.74 and its two-hundred day moving average is $258.09. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share 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%. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.69%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, March 14th. RenaissanceRe’s dividend payout ratio is currently 4.57%.

Insider Transactions at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction 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 sale, the executive vice president now owns 79,392 shares in the company, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% 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.