Kingdon Capital Management L.L.C. Sells 60,000 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Kingdon Capital Management L.L.C. lessened its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 66.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,000 shares of the insurance provider’s stock after selling 60,000 shares during the quarter. Kingdon Capital Management L.L.C. owned about 0.06% of RenaissanceRe worth $5,880,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC lifted its holdings in shares of RenaissanceRe by 1.5% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,926 shares of the insurance provider’s stock valued at $965,000 after acquiring an additional 73 shares during the last quarter. Xponance Inc. boosted its holdings in shares of RenaissanceRe by 1.1% in the 4th quarter. Xponance Inc. now owns 7,676 shares of the insurance provider’s stock worth $1,504,000 after purchasing an additional 86 shares during the period. Nordea Investment Management AB increased its position in shares of RenaissanceRe by 0.5% during the 3rd quarter. Nordea Investment Management AB now owns 16,652 shares of the insurance provider’s stock valued at $3,352,000 after purchasing an additional 89 shares during the last quarter. Aviva PLC raised its holdings in RenaissanceRe by 5.8% during the 3rd quarter. Aviva PLC now owns 1,790 shares of the insurance provider’s stock valued at $354,000 after buying an additional 98 shares during the period. Finally, Securian Asset Management Inc. boosted its stake in RenaissanceRe by 2.3% during the fourth quarter. Securian Asset Management Inc. now owns 4,435 shares of the insurance provider’s stock worth $869,000 after buying an additional 100 shares during the period. Institutional investors own 99.97% of the company’s stock.

Wall Street Analysts Forecast Growth

RNR has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price objective on shares of RenaissanceRe from $237.00 to $245.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 1st. Evercore ISI boosted their price objective on RenaissanceRe from $216.00 to $218.00 and gave the company an “underperform” rating in a report on Wednesday, May 1st. One analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and a consensus target price of $249.00.

RenaissanceRe Stock Up 2.3 %

NYSE RNR traded up $5.12 on Monday, reaching $223.15. 189,556 shares of the stock traded hands, compared to its average volume of 337,628. RenaissanceRe Holdings Ltd. has a 12 month low of $174.22 and a 12 month high of $239.42. The company has a market cap of $11.80 billion, a price-to-earnings ratio of 4.93, a PEG ratio of 1.44 and a beta of 0.38. The company has a fifty day moving average price of $223.38 and a 200-day moving average price of $219.11. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.41 and a current ratio of 1.41.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share for the quarter, topping analysts’ consensus estimates of $9.86 by $2.32. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.05 billion. During the same period in the prior year, the firm earned $8.16 earnings per share. The firm’s revenue for the quarter was up 41.3% compared to the same quarter last year. As a group, research analysts forecast that RenaissanceRe Holdings Ltd. will post 37.22 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend is Friday, June 14th. RenaissanceRe’s dividend payout ratio (DPR) is 3.45%.

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.