Cambiar Investors LLC Sells 1,552 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Cambiar Investors LLC reduced its stake in RenaissanceRe Holdings Ltd. by 16.5%, selling 1,552 shares, and now holds 7,841 shares worth approximately $1.88 million.
• RenaissanceRe reported earnings of $12.29 per share for the last quarter, exceeding analysts' expectations of $10.28, despite a 2.4% revenue decline year-over-year.
• The company will pay a quarterly dividend of $0.40 on September 30, with an annualized yield of 0.7%.

Cambiar Investors LLC trimmed its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 16.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,841 shares of the insurance provider's stock after selling 1,552 shares during the quarter. Cambiar Investors LLC's holdings in RenaissanceRe were worth $1,882,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RNR. First Trust Advisors LP boosted its stake in RenaissanceRe by 462.8% in the fourth quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider's stock valued at $215,035,000 after acquiring an additional 710,698 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of RenaissanceRe by 33,487.8% during 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 in the last quarter. Capital World Investors lifted its stake in shares of 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 buying an additional 233,708 shares in the last quarter. Nuveen LLC purchased a new stake in shares of RenaissanceRe during the 1st quarter valued at approximately $54,087,000. Finally, Cooke & Bieler LP lifted its stake in shares of 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 buying an additional 190,139 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RNR shares. Barclays upped their price target on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. UBS Group upped their price target 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. Morgan Stanley dropped their price target on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Finally, Wells Fargo & Company restated an "equal weight" rating and set a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $282.09.

RenaissanceRe Price Performance

NYSE RNR traded down $1.7960 on Friday, hitting $247.3540. The stock had a trading volume of 98,508 shares, compared to its average volume of 478,809. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. 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 company has a market capitalization of $11.64 billion, a price-to-earnings ratio of 6.32, a price-to-earnings-growth ratio of 2.43 and a beta of 0.29. The firm has a 50-day moving average of $241.44 and a 200-day moving average of $240.35.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The business had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.96 billion. During the same period in the prior year, the company posted $12.41 EPS. The business's revenue for the quarter was down 2.4% compared to the same quarter last year. Equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.40 dividend. The ex-dividend date of this dividend 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 presently 4.09%.

RenaissanceRe 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.