Epoch Investment Partners Inc. Sells 2,507 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Epoch Investment Partners Inc. has significantly reduced its stake in RenaissanceRe Holdings Ltd. by 70.2%, now holding 1,062 shares valued at $255,000.
• During the first quarter, multiple institutional investors, including Jane Street Group LLC, increased their stakes in RenaissanceRe, with Jane Street growing its position by 1,481.0%.
• RenaissanceRe recently reported earnings of $12.29 EPS for the quarter, surpassing analysts' expectations, despite a 2.4% annual decrease in revenue.

Epoch Investment Partners Inc. decreased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 70.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,062 shares of the insurance provider's stock after selling 2,507 shares during the quarter. Epoch Investment Partners Inc.'s holdings in RenaissanceRe were worth $255,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group raised its stake in shares of RenaissanceRe by 151.7% in the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after buying an additional 88 shares in the last quarter. Tsfg LLC acquired a new position in shares of RenaissanceRe in the 1st quarter valued at $40,000. LRI Investments LLC raised its stake in shares of RenaissanceRe by 116.5% in the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock valued at $63,000 after buying an additional 141 shares in the last quarter. UMB Bank n.a. raised its stake 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 buying an additional 289 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of RenaissanceRe in the 4th quarter valued at $175,000. Institutional investors and hedge funds own 99.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on RNR shares. Citigroup started coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price objective for the company. Keefe, Bruyette & Woods increased their target price on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Barclays increased their target price on shares of RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Finally, Morgan Stanley dropped their target price on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research report on Monday, July 14th. Four research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $282.09.

RenaissanceRe Price Performance

NYSE:RNR traded up $1.30 during mid-day trading on Monday, reaching $242.71. 304,929 shares of the company were exchanged, compared to its average volume of 314,694. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The company has a fifty day moving average of $241.37 and a 200 day moving average of $240.81. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. The stock has a market cap of $11.42 billion, a PE ratio of 6.20, a PEG ratio of 2.38 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued 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 for the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the prior year, the firm earned $12.41 EPS. The company's revenue was down 2.4% on a year-over-year basis. On average, research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued 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 yield of 0.7%. RenaissanceRe's dividend 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.