Brandywine Global Investment Management LLC Takes $7.12 Million Position in RenaissanceRe Holdings Ltd. (NYSE: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 purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 29,678 shares of the insurance provider's stock, valued at approximately $7,123,000. Brandywine Global Investment Management LLC owned 0.06% of RenaissanceRe as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of RNR. First Trust Advisors LP boosted 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. GAMMA Investing LLC boosted 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. Capital World Investors boosted its stake 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. Nuveen LLC acquired a new position in RenaissanceRe during the 1st quarter valued at about $54,087,000. Finally, Cooke & Bieler LP boosted its stake in RenaissanceRe by 18.0% during the 1st quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider's stock valued at $299,458,000 after purchasing an additional 190,139 shares during the period. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Down 1.3%

RNR stock opened at $239.09 on Friday. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $300.00. The company has a market capitalization 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 firm's 50-day moving average is $241.35 and its two-hundred day moving average is $240.09. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, topping analysts' consensus estimates of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the previous year, the firm earned $12.41 EPS. RenaissanceRe's revenue was down 2.4% on a year-over-year basis. On average, 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 announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is presently 4.09%.

Wall Street Analysts Forecast Growth

RNR has been the subject of a number of analyst reports. JMP Securities reissued a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Wells Fargo & Company reissued an "equal weight" rating and set a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Cantor Fitzgerald raised shares of RenaissanceRe to a "hold" rating in a research note on Wednesday. UBS Group boosted their target price on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Finally, Citigroup initiated coverage on shares of RenaissanceRe in a research note on Wednesday. They set a "buy" rating and a $288.00 target price for the company. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, RenaissanceRe currently has a consensus rating of "Hold" and a consensus price target 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.

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