Brandywine Global Investment Management LLC Purchases Shares of 29,678 RenaissanceRe Holdings Ltd. $RNR

Key Points

• Brandywine Global Investment Management has acquired a new stake in RenaissanceRe Holdings Ltd., purchasing 29,678 shares valued at approximately $7.12 million.
• RenaissanceRe reported an earnings per share (EPS) of $12.29 for the last quarter, surpassing analysts' expectations of $10.28, but its year-over-year revenue decreased by 2.4%.
• The company announced a quarterly dividend of $0.40 per share, with a payout date of September 30th, representing a yield of 0.7%.

Brandywine Global Investment Management LLC acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 29,678 shares of the insurance provider's stock, valued at approximately $7,123,000. Brandywine Global Investment Management LLC owned approximately 0.06% of RenaissanceRe as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Capital World Investors increased its position in RenaissanceRe by 8.8% during the 4th quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider's stock valued at $717,278,000 after purchasing an additional 233,708 shares during the period. Boston Partners boosted its holdings in RenaissanceRe by 4.6% in the first quarter. Boston Partners now owns 2,106,207 shares of the insurance provider's stock worth $505,509,000 after acquiring an additional 92,825 shares in the last quarter. Polar Capital Holdings Plc grew its position in RenaissanceRe by 5.7% during the 4th quarter. Polar Capital Holdings Plc now owns 1,298,190 shares of the insurance provider's stock worth $323,003,000 after purchasing an additional 69,884 shares during the last quarter. Cooke & Bieler LP raised its stake in shares of RenaissanceRe by 18.0% in the first quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider's stock worth $299,458,000 after purchasing an additional 190,139 shares during the last quarter. Finally, First Trust Advisors LP lifted 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. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Performance

RNR traded down $0.3160 during trading on Friday, hitting $248.8340. 81,942 shares of the stock were exchanged, compared to its average volume of 478,673. 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 1-year low of $219.00 and a 1-year high of $300.00. The stock has a fifty day moving average price of $241.44 and a two-hundred day moving average price of $240.35. The firm has a market capitalization of $11.71 billion, a P/E ratio of 6.36, a PEG ratio of 2.43 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping 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 company had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. During the same period last year, the firm earned $12.41 EPS. The firm's revenue for the quarter was down 2.4% on a year-over-year basis. As a group, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.40 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. RenaissanceRe's dividend payout ratio is currently 4.09%.

Wall Street Analyst Weigh In

RNR has been the topic of a number of recent analyst reports. Morgan Stanley decreased their target price on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research report on Monday, July 14th. Keefe, Bruyette & Woods upped their price target on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Barclays raised their target price on RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Finally, Citigroup initiated coverage on shares of RenaissanceRe in a report on Wednesday, August 13th. They set a "buy" rating and a $288.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $282.09.

RenaissanceRe Company 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.