Cinctive Capital Management LP Buys New Shares in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Cinctive Capital Management LP has acquired a new stake in RenaissanceRe Holdings Ltd., purchasing 3,450 shares valued at approximately $828,000 in the first quarter.
• RenaissanceRe's recent earnings report revealed $12.29 earnings per share for the quarter, surpassing estimates, despite a 2.4% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.40, with an annualized yield of 0.7%, payable to stockholders of record on September 15th.

Cinctive Capital Management LP purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,450 shares of the insurance provider's stock, valued at approximately $828,000.

A number of other large investors have also modified their holdings of the company. Brooklyn Investment Group raised its holdings in shares of RenaissanceRe by 151.7% during the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after acquiring an additional 88 shares during the last quarter. Tsfg LLC purchased a new stake in RenaissanceRe in the first quarter valued at approximately $40,000. LRI Investments LLC increased its position in shares of RenaissanceRe by 116.5% during the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock worth $63,000 after acquiring an additional 141 shares during the period. Advisors Asset Management Inc. lifted its stake in RenaissanceRe by 10.5% during the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider's stock worth $106,000 after purchasing an additional 42 shares during the last quarter. Finally, UMB Bank n.a. boosted its position in shares of RenaissanceRe by 165.1% in the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock valued at $111,000 after purchasing an additional 289 shares during the period. Institutional investors and hedge funds own 99.97% of the company's stock.

RenaissanceRe Stock Performance

Shares of NYSE:RNR traded up $2.51 on Thursday, hitting $241.02. The company's stock had a trading volume of 73,852 shares, compared to its average volume of 471,110. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of 6.16, a price-to-earnings-growth ratio of 2.34 and a beta of 0.29. The stock's 50-day moving average is $241.38 and its two-hundred day moving average is $241.32. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 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 firm had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.96 billion. During the same period in the previous year, the business earned $12.41 earnings per share. RenaissanceRe's revenue for the quarter was down 2.4% compared to the same quarter last year. On average, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.40 per share. 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 0.7%. RenaissanceRe's dividend payout ratio (DPR) is 4.09%.

Analysts Set New Price Targets

A number of research firms recently issued reports on RNR. UBS Group raised their price target on RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Barclays boosted their price objective on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. Morgan Stanley cut 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 issued a $269.00 price target (up previously from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, RenaissanceRe 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.