Davis Selected Advisers Boosts Stake in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Davis Selected Advisers raised its stake in RenaissanceRe by 60.5%, acquiring 86,594 shares to own 229,739 shares (about 0.50% of the company) valued at roughly $64.6 million at quarter-end.
• RenaissanceRe reported a quarterly EPS of $13.75, beating estimates while revenue fell 36.8% year‑over‑year, and the stock carries a consensus analyst rating of "Hold" with a $321.93 target.
• EVP Robert Qutub sold 5,000 shares for about $1.53 million (a 6.41% cut to his holdings); institutional investors collectively own approximately 99.97% of the company.

Davis Selected Advisers raised its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 60.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 229,739 shares of the insurance provider's stock after acquiring an additional 86,594 shares during the period. Davis Selected Advisers owned approximately 0.50% of RenaissanceRe worth $64,593,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB grew its position in RenaissanceRe by 20.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 230 shares of the insurance provider's stock valued at $65,000 after acquiring an additional 39 shares during the period. AMG National Trust Bank grew its position in RenaissanceRe by 0.7% during the third quarter. AMG National Trust Bank now owns 5,787 shares of the insurance provider's stock valued at $1,469,000 after acquiring an additional 40 shares during the period. Signaturefd LLC grew its position in RenaissanceRe by 8.9% during the fourth quarter. Signaturefd LLC now owns 504 shares of the insurance provider's stock valued at $142,000 after acquiring an additional 41 shares during the period. Miracle Mile Advisors LLC boosted its position in shares of RenaissanceRe by 3.8% in the third quarter. Miracle Mile Advisors LLC now owns 1,257 shares of the insurance provider's stock worth $319,000 after buying an additional 46 shares during the period. Finally, Brown Brothers Harriman & Co. boosted its position in shares of RenaissanceRe by 2.6% in the third quarter. Brown Brothers Harriman & Co. now owns 2,006 shares of the insurance provider's stock worth $509,000 after buying an additional 51 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the company's stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the sale, the executive vice president owned 73,023 shares in the company, valued at $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on RNR shares. The Goldman Sachs Group reaffirmed a "sell" rating and issued a $267.00 target price on shares of RenaissanceRe in a research report on Wednesday, January 7th. Bank of America decreased their target price on RenaissanceRe to $426.00 and set a "buy" rating for the company in a research report on Tuesday, April 14th. Mizuho upped their target price on RenaissanceRe from $313.00 to $318.00 and gave the stock a "neutral" rating in a research report on Monday, April 13th. Zacks Research downgraded RenaissanceRe from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 6th. Finally, JPMorgan Chase & Co. upped their target price on RenaissanceRe from $303.00 to $329.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 7th. Four analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $321.93.

RenaissanceRe Trading Down 2.7%

Shares of RNR opened at $298.83 on Friday. The company has a market capitalization of $12.74 billion, a P/E ratio of 4.98, a P/E/G ratio of 0.84 and a beta of 0.23. RenaissanceRe Holdings Ltd. has a one year low of $231.17 and a one year high of $318.20. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.43 and a current ratio of 1.37. The stock has a 50-day moving average price of $301.47 and a 200 day moving average price of $281.90.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The insurance provider reported $13.75 EPS for the quarter, beating analysts' consensus estimates of $11.07 by $2.68. The firm had revenue of $2.19 billion during the quarter, compared to the consensus estimate of $2.84 billion. RenaissanceRe had a return on equity of 24.01% and a net margin of 24.25%.RenaissanceRe's revenue for the quarter was down 36.8% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.49) earnings per share. Sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 38.28 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a dividend of $0.41 per share. The ex-dividend date was Friday, March 13th. This is an increase from RenaissanceRe's previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a yield of 0.5%. RenaissanceRe's payout ratio is currently 2.89%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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