Davis Selected Advisers Buys 1,488 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Key Points

• Davis Selected Advisers increased its stake in RenaissanceRe Holdings Ltd. by 1.0% in Q1, owning 143,801 shares worth approximately $34.5 million.
• RenaissanceRe reported $12.29 EPS for its recent quarter, surpassing the consensus estimate of $10.28 but experiencing a year-over-year revenue decline of 2.4%.
• The company announced a quarterly dividend of $0.40 per share, translating to an annual yield of 0.7% and a payout ratio of 4.09%.

Davis Selected Advisers lifted its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 1.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 143,801 shares of the insurance provider's stock after purchasing an additional 1,488 shares during the period. Davis Selected Advisers owned 0.30% of RenaissanceRe worth $34,512,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Westwood Holdings Group Inc. lifted its position in shares of RenaissanceRe by 7.1% in the 1st quarter. Westwood Holdings Group Inc. now owns 82,913 shares of the insurance provider's stock worth $19,899,000 after purchasing an additional 5,492 shares during the period. New Age Alpha Advisors LLC lifted its position in shares of RenaissanceRe by 35.6% in the 1st quarter. New Age Alpha Advisors LLC now owns 10,533 shares of the insurance provider's stock worth $2,528,000 after purchasing an additional 2,765 shares during the period. Wealthquest Corp purchased a new stake in shares of RenaissanceRe in the 1st quarter worth about $622,000. XTX Topco Ltd lifted its position in shares of RenaissanceRe by 26.2% in the 1st quarter. XTX Topco Ltd now owns 12,252 shares of the insurance provider's stock worth $2,940,000 after purchasing an additional 2,542 shares during the period. Finally, Federated Hermes Inc. lifted its position in shares of RenaissanceRe by 34.3% in the 1st quarter. Federated Hermes Inc. now owns 6,033 shares of the insurance provider's stock worth $1,448,000 after purchasing an additional 1,541 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, April 24th. Jefferies Financial Group lowered their price target on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Barclays lifted their price target 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. Keefe, Bruyette & Woods lifted their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Finally, UBS Group lifted their price target on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, RenaissanceRe has an average rating of "Hold" and an average target price of $287.50.

RenaissanceRe Stock Up 0.4%

NYSE:RNR traded up $0.88 on Friday, reaching $240.39. 266,199 shares of the stock traded hands, compared to its average volume of 517,462. The company has a market capitalization of $11.32 billion, a price-to-earnings ratio of 6.14, a PEG ratio of 2.41 and a beta of 0.29. 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 Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The company's fifty day simple moving average is $242.05 and its 200 day simple moving average is $240.52.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, beating analysts' consensus estimates of $10.28 by $2.01. The business had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. RenaissanceRe's revenue was down 2.4% compared to the same quarter last year. During the same period last year, the business earned $12.41 EPS. Equities analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal 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 paid 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 0.7%. RenaissanceRe's payout ratio is currently 4.09%.

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.