ARGA Investment Management LP Purchases 18,675 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

ARGA Investment Management LP raised its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 344.9% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 24,089 shares of the insurance provider's stock after acquiring an additional 18,675 shares during the period. RenaissanceRe makes up 0.2% of ARGA Investment Management LP's holdings, making the stock its 28th largest position. ARGA Investment Management LP's holdings in RenaissanceRe were worth $5,781,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. First Trust Advisors LP grew its holdings in shares of RenaissanceRe by 462.8% in the 4th quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider's stock valued at $215,035,000 after buying an additional 710,698 shares during the period. Norges Bank acquired a new position in shares of RenaissanceRe in the 4th quarter valued at $173,530,000. Boston Partners grew its holdings in shares of RenaissanceRe by 28.5% in the 4th quarter. Boston Partners now owns 2,013,382 shares of the insurance provider's stock valued at $500,991,000 after buying an additional 446,781 shares during the period. GAMMA Investing LLC grew its holdings in shares of RenaissanceRe by 33,487.8% in the 1st quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock valued at $95,040,000 after buying an additional 394,821 shares during the period. Finally, Capital World Investors boosted its stake in RenaissanceRe by 8.8% in the 4th quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider's stock worth $717,278,000 after purchasing an additional 233,708 shares during the period. Institutional investors own 99.97% of the company's stock.

Insider Buying and Selling

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the company's stock in a transaction on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total value of $82,847.28. Following the transaction, the chief accounting officer directly owned 27,154 shares in the company, valued at $6,776,009.16. The trade was a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on RNR shares. JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday. Bank of America reduced their target price on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research note on Wednesday, March 26th. Barclays raised shares of RenaissanceRe from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $231.00 to $256.00 in a research note on Monday. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $268.00 target price (down from $282.00) on shares of RenaissanceRe in a research note on Wednesday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $288.56.

RenaissanceRe Stock Down 0.5%

NYSE:RNR traded down $1.17 on Friday, hitting $237.27. 279,828 shares of the company's stock were exchanged, compared to its average volume of 445,648. The firm has a 50-day moving average price of $244.00 and a 200-day moving average price of $242.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.36 and a quick ratio of 1.36. RenaissanceRe Holdings Ltd. has a 52 week low of $210.51 and a 52 week high of $300.00. The company has a market cap of $11.54 billion, a P/E ratio of 7.57, a price-to-earnings-growth ratio of 2.87 and a beta of 0.30.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 15.90% and a net margin of 13.26%. The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.36 billion. During the same period last year, the firm earned $12.18 EPS. RenaissanceRe's quarterly revenue was up 7.6% compared to the same quarter last year. As a group, analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.67%. The ex-dividend date of this dividend was Friday, June 13th. RenaissanceRe's dividend payout ratio is 5.10%.

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.