ARGA Investment Management LP Increases Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

ARGA Investment Management LP increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 344.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,089 shares of the insurance provider's stock after buying an additional 18,675 shares during the quarter. RenaissanceRe accounts for 0.2% of ARGA Investment Management LP's investment portfolio, making the stock its 28th largest holding. ARGA Investment Management LP's holdings in RenaissanceRe were worth $5,781,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of RNR. Aster Capital Management DIFC Ltd bought a new stake in RenaissanceRe during the fourth quarter worth $27,000. SBI Securities Co. Ltd. bought a new position in RenaissanceRe in the 4th quarter valued at $29,000. Jones Financial Companies Lllp grew its stake in RenaissanceRe by 1,587.5% in the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 127 shares during the period. Smartleaf Asset Management LLC grew its stake in RenaissanceRe by 71.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 65 shares during the period. Finally, Tsfg LLC bought a new position in RenaissanceRe in the 1st quarter valued at $40,000. Institutional investors own 99.97% of the company's stock.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, CAO James Christopher Fraser sold 332 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value of $82,847.28. Following the sale, the chief accounting officer owned 27,154 shares of the company's stock, valued at $6,776,009.16. This trade represents a 1.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

RNR has been the subject of a number of recent analyst reports. Barclays upgraded RenaissanceRe from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $231.00 to $256.00 in a research note on Monday. Morgan Stanley set a $285.00 price objective on RenaissanceRe and gave the company an "overweight" rating in a research note on Monday, May 19th. JPMorgan Chase & Co. upgraded RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price objective for the company in a research note on Tuesday, April 8th. Jefferies Financial Group reduced their price objective on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, RenaissanceRe currently has an average rating of "Hold" and an average target price of $286.10.

RenaissanceRe Price Performance

RNR traded up $1.53 during trading on Tuesday, reaching $240.80. 504,039 shares of the company were exchanged, compared to its average volume of 444,411. The company's 50-day moving average is $244.16 and its two-hundred day moving average is $242.51. The company has a market cap of $11.71 billion, a price-to-earnings ratio of 7.68, a P/E/G ratio of 2.89 and a beta of 0.30. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. RenaissanceRe Holdings Ltd. has a 12-month low of $210.51 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.17). The company had revenue of $3.44 billion for the quarter, compared to analysts' expectations of $3.36 billion. RenaissanceRe had a return on equity of 15.90% and a net margin of 13.26%. The business's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period last year, the company posted $12.18 EPS. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share 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 $0.40 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. RenaissanceRe's payout ratio is currently 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.