Boston Partners Has $505.51 Million Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Key Points

• Boston Partners has increased its stake in RenaissanceRe Holdings Ltd. by 4.6%, acquiring an additional 92,825 shares, bringing their total ownership to approximately $505.5 million.
• RenaissanceRe recently reported earnings per share (EPS) of $12.29 for the last quarter, exceeding estimates, although revenue for the quarter was down by 2.4% year-over-year.
• The company announced a $0.40 quarterly dividend, which will be paid to shareholders on September 30, reflecting an annualized yield of 0.7% and a low payout ratio of 4.09%.

Boston Partners boosted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 4.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,106,207 shares of the insurance provider's stock after purchasing an additional 92,825 shares during the quarter. Boston Partners owned about 4.33% of RenaissanceRe worth $505,509,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. boosted its holdings in RenaissanceRe by 0.8% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 8,047 shares of the insurance provider's stock valued at $1,931,000 after acquiring an additional 61 shares during the period. Nuveen LLC purchased a new stake in RenaissanceRe during the first quarter worth approximately $54,087,000. Aigen Investment Management LP purchased a new stake in RenaissanceRe during the first quarter worth approximately $264,000. Virtu Financial LLC lifted its stake in RenaissanceRe by 165.9% during the first quarter. Virtu Financial LLC now owns 12,539 shares of the insurance provider's stock worth $3,009,000 after purchasing an additional 7,824 shares during the last quarter. Finally, Covestor Ltd increased its position in RenaissanceRe by 16.3% during the first quarter. Covestor Ltd now owns 1,036 shares of the insurance provider's stock worth $249,000 after buying an additional 145 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on RNR. Citigroup assumed coverage on RenaissanceRe in a research report on Wednesday. They set a "buy" rating and a $288.00 price target on the stock. Morgan Stanley dropped their price objective on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a report on Monday, July 14th. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a report on Monday, July 28th. UBS Group upped their price objective 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. 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 stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $282.09.

RenaissanceRe Price Performance

Shares of RNR stock traded down $3.19 during mid-day trading on Friday, hitting $239.09. 376,291 shares of the stock traded hands, compared to its average volume of 470,376. 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 firm has a market cap of $11.25 billion, a price-to-earnings ratio of 6.11, a price-to-earnings-growth ratio of 2.34 and a beta of 0.29. The company's 50-day simple moving average is $241.35 and its 200-day simple moving average is $240.09. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (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 analysts' expectations of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%. The company's quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $12.41 EPS. As a group, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $0.40 dividend. 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 (DPR) 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.