Philadelphia Financial Management of San Francisco LLC Buys 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 bought a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 44,178 shares of the insurance provider's stock, valued at approximately $10,603,000. RenaissanceRe makes up about 2.1% of Philadelphia Financial Management of San Francisco LLC's holdings, making the stock its 21st largest holding. Philadelphia Financial Management of San Francisco LLC owned about 0.09% of RenaissanceRe at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Mercer Global Advisors Inc. ADV lifted its holdings 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 valued at $301,000 after acquiring an additional 164 shares during the period. Ameriprise Financial Inc. increased its position in shares of RenaissanceRe by 5.4% during the 4th quarter. Ameriprise Financial Inc. now owns 71,210 shares of the insurance provider's stock worth $17,718,000 after purchasing an additional 3,674 shares in the last quarter. BNP Paribas Financial Markets boosted its position in RenaissanceRe by 10.5% in the fourth quarter. BNP Paribas Financial Markets now owns 12,447 shares of the insurance provider's stock valued at $3,097,000 after buying an additional 1,186 shares in the last quarter. Benjamin Edwards Inc. acquired a new position in RenaissanceRe in the fourth quarter valued at about $435,000. Finally, Bank of America Corp DE grew its stake in 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 buying an additional 124,125 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Wells Fargo & Company reiterated an "equal weight" rating and issued a $269.00 price objective (up previously from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. UBS Group increased their price objective on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Morgan Stanley dropped their target price on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Finally, Keefe, Bruyette & Woods upped their target price on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Four investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $282.09.

RenaissanceRe Trading Down 0.6%

Shares of RNR traded down $1.48 on Tuesday, reaching $238.48. 362,215 shares of the company's stock were exchanged, compared to its average volume of 328,905. The business has a 50 day moving average price of $241.32 and a two-hundred day moving average price of $241.34. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The stock has a market capitalization of $11.23 billion, a P/E ratio of 6.09, a price-to-earnings-growth ratio of 2.35 and a beta of 0.29. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23.

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

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given 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 is presently 4.09%.

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.