Aigen Investment Management LP Makes New Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Aigen Investment Management LP bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 1,099 shares of the insurance provider's stock, valued at approximately $264,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Virtu Financial LLC lifted its stake in shares of RenaissanceRe by 165.9% in the first quarter. Virtu Financial LLC now owns 12,539 shares of the insurance provider's stock valued at $3,009,000 after buying an additional 7,824 shares during the period. Covestor Ltd lifted its stake in shares of RenaissanceRe by 16.3% in the first quarter. Covestor Ltd now owns 1,036 shares of the insurance provider's stock valued at $249,000 after buying an additional 145 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of RenaissanceRe by 79.6% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 30,967 shares of the insurance provider's stock valued at $7,432,000 after buying an additional 13,723 shares during the period. Founders Financial Alliance LLC bought a new stake in shares of RenaissanceRe in the first quarter valued at about $212,000. Finally, Davis Selected Advisers lifted its stake in shares of RenaissanceRe by 1.0% in the first quarter. Davis Selected Advisers now owns 143,801 shares of the insurance provider's stock valued at $34,512,000 after buying an additional 1,488 shares during the period. Institutional investors and hedge funds own 99.97% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on RNR. Morgan Stanley reduced 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. Wells Fargo & Company reiterated an "equal weight" rating and issued a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. UBS Group increased their target price on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Cantor Fitzgerald raised shares of RenaissanceRe to a "hold" rating in a research report on Wednesday. Finally, Keefe, Bruyette & Woods raised their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $282.09.

RenaissanceRe Stock Performance

NYSE:RNR opened at $242.41 on Friday. The stock has a market capitalization of $11.41 billion, a P/E ratio of 6.19, a price-to-earnings-growth ratio of 2.45 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 Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $300.00. The firm has a 50 day moving average of $241.50 and a 200-day moving average of $240.21.

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

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.40 per share. The ex-dividend date is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. RenaissanceRe's dividend payout ratio is 4.09%.

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.

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