RenaissanceRe Holdings Ltd. $RNR Shares Purchased by Credit Agricole S A

Key Points

• Credit Agricole S A increased its stake in RenaissanceRe Holdings Ltd. by 74.9%, now holding 11,270 shares worth approximately $2.71 million.
• RenaissanceRe reported earnings per share of $12.29 for the last quarter, exceeding estimates, despite a 2.4% year-over-year decline in revenue.
• The company has declared a quarterly dividend of $0.40 per share, which will be paid to shareholders on September 30th.

Credit Agricole S A boosted its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 74.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,270 shares of the insurance provider's stock after buying an additional 4,826 shares during the period. Credit Agricole S A's holdings in RenaissanceRe were worth $2,705,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of RNR. GAMMA Investing LLC raised its holdings in 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. Nuveen LLC purchased a new stake in RenaissanceRe in the 1st quarter valued at about $54,087,000. Cooke & Bieler LP raised its holdings in RenaissanceRe by 18.0% in 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 during the period. Bank of America Corp DE increased its stake in RenaissanceRe by 17.9% during the fourth quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock worth $203,339,000 after purchasing an additional 124,125 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in RenaissanceRe by 15.3% during the first quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider's stock worth $183,175,000 after purchasing an additional 101,060 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Stock Up 0.4%

Shares of RenaissanceRe stock traded up $0.99 on Friday, reaching $242.40. 36,667 shares of the company were exchanged, compared to its average volume of 474,657. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $300.00. The company has a market cap of $11.41 billion, a P/E ratio of 6.20, a price-to-earnings-growth ratio of 2.39 and a beta of 0.29. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. The stock's 50 day moving average price is $241.41 and its 200-day moving average price is $240.64.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data 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 return on equity of 15.00% and a net margin of 15.44%.The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the previous year, the company posted $12.41 earnings per share. The business's revenue for the quarter was down 2.4% on a year-over-year basis. As a group, equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given 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 payout ratio is currently 4.09%.

Wall Street Analysts Forecast Growth

RNR has been the topic of a number of recent research reports. Citigroup initiated coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They set a "buy" rating and a $288.00 price target on the stock. Barclays boosted their price target on shares of RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. Wells Fargo & Company reiterated 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. UBS Group boosted their price target on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, RenaissanceRe presently has a consensus rating of "Hold" and a consensus 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.