RenaissanceRe Holdings Ltd. $RNR Shares Acquired by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in RenaissanceRe Holdings Ltd. by 38.0% during the first quarter, owning 110,943 shares worth approximately $26.6 million.
• RenaissanceRe's most recent earnings report showed an EPS of $12.29, surpassing analysts' expectations, though revenue declined 2.4% year-over-year.
• The company has announced a quarterly dividend of $0.40, yielding an annualized 0.6%, with a payout ratio of 4.09%.

American Century Companies Inc. lifted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 38.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 110,943 shares of the insurance provider's stock after buying an additional 30,574 shares during the quarter. American Century Companies Inc. owned approximately 0.23% of RenaissanceRe worth $26,626,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of RNR. Bank of America Corp DE boosted its position 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 acquiring an additional 124,125 shares during the last quarter. Miracle Mile Advisors LLC purchased a new position in shares of RenaissanceRe during the 1st quarter worth $271,000. Yorktown Management & Research Co Inc purchased a new position in shares of RenaissanceRe during the 1st quarter worth $348,000. Deutsche Bank AG boosted its holdings in shares of RenaissanceRe by 4.2% during the fourth quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider's stock worth $2,666,000 after purchasing an additional 431 shares during the last quarter. Finally, Bridges Investment Management Inc. grew its position in shares of RenaissanceRe by 21.9% in the first quarter. Bridges Investment Management Inc. now owns 6,020 shares of the insurance provider's stock valued at $1,445,000 after purchasing an additional 1,080 shares during the period. Institutional investors and hedge funds own 99.97% of the company's stock.

RenaissanceRe Stock Down 0.4%

Shares of NYSE:RNR traded down $0.92 during trading on Tuesday, hitting $244.51. The company's stock had a trading volume of 324,338 shares, compared to its average volume of 477,860. The company has a market capitalization of $11.51 billion, a PE ratio of 6.25, a PEG ratio of 2.43 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $300.00. 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's 50-day moving average price is $241.48 and its two-hundred day moving average price is $240.54.

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

RenaissanceRe Announces Dividend

The business also recently declared 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe's payout ratio is 4.09%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RNR. Keefe, Bruyette & Woods increased 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. UBS Group lifted their target price on RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Wells Fargo & Company restated an "equal weight" rating and set a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Cantor Fitzgerald upgraded RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. Finally, Citigroup initiated coverage on shares of RenaissanceRe in a research report on Wednesday, August 13th. They set a "buy" rating and a $288.00 target price for the company. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, RenaissanceRe currently has a consensus rating of "Hold" and a consensus price target 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.