RenaissanceRe Holdings Ltd. $RNR Shares Sold by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. reduced its stake in RenaissanceRe Holdings Ltd. by 3.8%, selling 2,725 shares and currently holding 69,872 shares valued at approximately $16.77 million.
• RenaissanceRe's recent earnings report showed an EPS of $12.29, exceeding expectations, although revenue decreased by 2.4% year-over-year.
• The company announced a quarterly dividend of $0.40 per share, payable on September 30, reflecting a 0.7% yield and a payout ratio of 4.09%.

Alliancebernstein L.P. cut its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 3.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,872 shares of the insurance provider's stock after selling 2,725 shares during the period. Alliancebernstein L.P. owned 0.14% of RenaissanceRe worth $16,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Brooklyn Investment Group boosted its stake in shares of RenaissanceRe by 151.7% in the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock worth $35,000 after acquiring an additional 88 shares during the last quarter. Tsfg LLC purchased a new position in RenaissanceRe during the first quarter worth approximately $40,000. LRI Investments LLC lifted its position in RenaissanceRe by 116.5% during the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock worth $63,000 after buying an additional 141 shares in the last quarter. Advisors Asset Management Inc. lifted its position in RenaissanceRe by 10.5% during the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider's stock worth $106,000 after buying an additional 42 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in RenaissanceRe by 165.1% during the first quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock worth $111,000 after buying an additional 289 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on RNR shares. Morgan Stanley reduced their price objective on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research report on Monday, July 14th. Wells Fargo & Company reiterated an "equal weight" rating and set a $269.00 price objective (up previously from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Citigroup assumed coverage on RenaissanceRe in a research report on Wednesday, August 13th. They set a "buy" rating and a $288.00 price objective on the stock. UBS Group lifted their target price on RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, Cantor Fitzgerald upgraded RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, RenaissanceRe presently has a consensus rating of "Hold" and a consensus price target of $282.09.

RenaissanceRe Stock Up 1.7%

NYSE RNR traded up $4.06 during trading hours on Wednesday, hitting $241.07. 324,661 shares of the company were exchanged, compared to its average volume of 365,077. The company has a 50 day moving average of $241.63 and a two-hundred day moving average of $241.66. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The firm has a market cap of $11.35 billion, a price-to-earnings ratio of 6.16, a PEG ratio of 2.32 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data 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 business had revenue of $2.77 billion during 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%.The business's quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $12.41 EPS. Equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

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