Philadelphia Financial Management of San Francisco LLC Acquires Shares of 44,178 RenaissanceRe Holdings Ltd. $RNR

Key Points

• Philadelphia Financial Management of San Francisco LLC acquired 44,178 shares of RenaissanceRe Holdings Ltd. valued at approximately $10.6 million, making it the firm's 21st biggest position at 2.1% of their investment portfolio.
• Several large investors, including Price T Rowe Associates and Boston Partners, have significantly increased their holdings in RenaissanceRe, reflecting a strong institutional interest in the stock.
• RenaissanceRe has announced a quarterly dividend of $0.40 per share, with an upcoming ex-dividend date on September 15th, representing an annualized yield of 0.7%.

Philadelphia Financial Management of San Francisco LLC acquired a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 44,178 shares of the insurance provider's stock, valued at approximately $10,603,000. RenaissanceRe accounts for approximately 2.1% of Philadelphia Financial Management of San Francisco LLC's investment portfolio, making the stock its 21st largest holding. Philadelphia Financial Management of San Francisco LLC owned 0.09% of RenaissanceRe as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Mercer Global Advisors Inc. ADV lifted its position in shares of RenaissanceRe by 15.7% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 1,209 shares of the insurance provider's stock worth $301,000 after acquiring an additional 164 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of RenaissanceRe by 5.4% during the fourth quarter. Ameriprise Financial Inc. now owns 71,210 shares of the insurance provider's stock worth $17,718,000 after acquiring an additional 3,674 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of RenaissanceRe by 10.5% during the fourth quarter. BNP Paribas Financial Markets now owns 12,447 shares of the insurance provider's stock worth $3,097,000 after acquiring an additional 1,186 shares in the last quarter. Benjamin Edwards Inc. purchased a new stake in shares of RenaissanceRe during the fourth quarter worth $435,000. Finally, Bank of America Corp DE lifted its position in shares of RenaissanceRe by 17.9% during the fourth quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock worth $203,339,000 after acquiring an additional 124,125 shares in the last quarter. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Trading Up 1.2%

Shares of NYSE RNR traded up $2.80 during trading hours on Thursday, hitting $241.31. The company's stock had a trading volume of 109,278 shares, compared to its average volume of 471,362. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. The stock has a market cap of $11.36 billion, a price-to-earnings ratio of 6.16, a P/E/G ratio of 2.34 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The business has a 50-day simple moving average of $241.38 and a 200-day simple moving average of $241.32.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.28 by $2.01. The company had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.RenaissanceRe's quarterly revenue was down 2.4% on a year-over-year basis. During the same period last year, the firm earned $12.41 earnings per share. On average, analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. RenaissanceRe's dividend payout ratio (DPR) is presently 4.09%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RNR. Barclays increased their target price on RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Citigroup initiated coverage on RenaissanceRe in a research report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price objective on the stock. Morgan Stanley lowered their price target on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research report on Monday, July 14th. UBS Group raised their price target on RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, Wells Fargo & Company restated an "equal weight" rating and set a $269.00 price target (up previously from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $282.09.

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.