Federated Hermes Inc. Increases Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Key Points

• Federated Hermes Inc. increased its stock position in RenaissanceRe Holdings Ltd. by 34.3% in the first quarter, holding a total of 6,033 shares valued at $1,448,000.
• RenaissanceRe reported $12.29 earnings per share for the last quarter, exceeding analysts' expectations, but experienced a 2.4% decline in revenue year-over-year.
• The company announced a quarterly dividend of $0.40 per share, which will be paid on September 30th, reflecting an annualized yield of 0.7%.

Federated Hermes Inc. lifted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 34.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,033 shares of the insurance provider's stock after purchasing an additional 1,541 shares during the quarter. Federated Hermes Inc.'s holdings in RenaissanceRe were worth $1,448,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank of America Corp DE boosted its stake in shares of RenaissanceRe by 17.9% during the fourth quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock valued at $203,339,000 after purchasing an additional 124,125 shares during the period. Miracle Mile Advisors LLC bought a new stake in RenaissanceRe in the 1st quarter worth $271,000. Trexquant Investment LP purchased a new position in shares of RenaissanceRe in the fourth quarter valued at about $561,000. Yorktown Management & Research Co Inc bought a new position in shares of RenaissanceRe during the first quarter valued at about $348,000. Finally, Deutsche Bank AG boosted its holdings in shares of RenaissanceRe by 4.2% during the fourth quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider's stock worth $2,666,000 after purchasing an additional 431 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $241.35 on Thursday. The firm's 50-day moving average price is $242.35 and its 200-day moving average price is $240.87. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The company has a market cap of $11.36 billion, a PE ratio of 6.17, a PEG ratio of 2.42 and a beta of 0.29. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued 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. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the prior year, the firm earned $12.41 earnings per share. The firm's revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

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

Analyst Ratings Changes

RNR has been the topic of a number of research analyst reports. Jefferies Financial Group reduced their price target on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a report on Friday, April 11th. Keefe, Bruyette & Woods boosted their price objective 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. Barclays lifted their target price on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. UBS Group increased 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, Wells Fargo & Company restated an "equal weight" rating and issued a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $287.50.

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.

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