DRW Securities LLC Takes $325,000 Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• DRW Securities LLC has purchased 1,356 shares of RenaissanceRe Holdings Ltd. valued at approximately $325,000, marking its new investment in the company during the first quarter.
• RenaissanceRe reported earnings of $12.29 per share for the last quarter, exceeding analysts' estimates, despite a year-over-year revenue decline of 2.4%.
• The company announced a quarterly dividend of $0.40 per share, with an annualized yield of 0.7%, payable on September 30th to shareholders of record on September 15th.

DRW Securities LLC purchased a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 1,356 shares of the insurance provider's stock, valued at approximately $325,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RNR. Mercer Global Advisors Inc. ADV increased its stake in RenaissanceRe by 15.7% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 1,209 shares of the insurance provider's stock valued at $301,000 after buying an additional 164 shares during the last quarter. AXA S.A. increased its holdings in RenaissanceRe by 1.9% during the fourth quarter. AXA S.A. now owns 17,905 shares of the insurance provider's stock worth $4,455,000 after buying an additional 336 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in RenaissanceRe by 5.4% during the fourth quarter. Ameriprise Financial Inc. now owns 71,210 shares of the insurance provider's stock worth $17,718,000 after buying an additional 3,674 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in RenaissanceRe by 10.5% during the fourth quarter. BNP Paribas Financial Markets now owns 12,447 shares of the insurance provider's stock worth $3,097,000 after buying an additional 1,186 shares during the last quarter. Finally, Benjamin Edwards Inc. acquired a new position in RenaissanceRe during the fourth quarter worth $435,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. UBS Group boosted their target price on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Citigroup assumed coverage on shares of RenaissanceRe in a report on Wednesday, August 13th. They set a "buy" rating and a $288.00 target price on the stock. Wells Fargo & Company restated an "equal weight" rating and set a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Barclays boosted their target price on shares of RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Finally, Morgan Stanley lowered their target price on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a report on Monday, July 14th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $282.09.

RenaissanceRe Stock Performance

RNR stock traded down $3.95 during midday trading on Friday, reaching $240.68. 344,932 shares of the company were exchanged, compared to its average volume of 307,702. 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 business has a 50-day moving average price of $241.51 and a two-hundred day moving average price of $241.11. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $300.00. The firm has a market capitalization of $11.33 billion, a price-to-earnings ratio of 6.15, a price-to-earnings-growth ratio of 2.40 and a beta of 0.29.

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

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe's payout ratio is presently 4.09%.

About RenaissanceRe

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.