First Citizens Bank & Trust Co. Increases Stock Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• First Citizens Bank & Trust Co. increased its holdings in RenaissanceRe Holdings Ltd. by 276.7% during the second quarter, owning 4,882 shares worth $1,186,000.
• Despite the increase in institutional ownership, RenaissanceRe received mixed analyst ratings, with four Buy ratings, eleven Hold ratings, and one Sell rating.
• The company reported an EPS of $12.29 for the last quarter, exceeding analysts' expectations by $2.01, although revenue for the quarter declined 2.4% year-over-year.

First Citizens Bank & Trust Co. grew its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 276.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,882 shares of the insurance provider's stock after purchasing an additional 3,586 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in RenaissanceRe were worth $1,186,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the stock. Amundi lifted its stake in RenaissanceRe by 18.0% in the 1st quarter. Amundi now owns 6,924 shares of the insurance provider's stock valued at $1,699,000 after buying an additional 1,054 shares in the last quarter. Bridges Investment Management Inc. lifted its position in shares of RenaissanceRe by 21.9% in the first quarter. Bridges Investment Management Inc. now owns 6,020 shares of the insurance provider's stock valued at $1,445,000 after acquiring an additional 1,080 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of RenaissanceRe by 128.4% in the first quarter. Nisa Investment Advisors LLC now owns 1,142 shares of the insurance provider's stock valued at $274,000 after acquiring an additional 642 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of RenaissanceRe by 1,180.7% during the first quarter. Jane Street Group LLC now owns 74,217 shares of the insurance provider's stock valued at $17,812,000 after acquiring an additional 68,422 shares during the last quarter. Finally, M&T Bank Corp increased its position in RenaissanceRe by 3.1% during the 1st quarter. M&T Bank Corp now owns 4,151 shares of the insurance provider's stock worth $996,000 after purchasing an additional 124 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of RenaissanceRe in a research note on Tuesday, October 14th. They set a "sell" rating and a $256.00 price target on the stock. Morgan Stanley reduced their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. UBS Group lifted their target price on shares of RenaissanceRe from $265.00 to $272.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 8th. Evercore ISI set a $244.00 price target on RenaissanceRe and gave the stock an "in-line" rating in a research note on Wednesday, October 1st. Finally, Wells Fargo & Company lifted their price objective on RenaissanceRe from $269.00 to $278.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $283.08.

RenaissanceRe Stock Up 0.0%

Shares of RNR opened at $243.29 on Friday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $300.00. The company's fifty day moving average is $248.42 and its two-hundred day moving average is $244.04. The firm has a market cap of $11.45 billion, a PE ratio of 6.22, a price-to-earnings-growth ratio of 2.04 and a beta of 0.27. 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 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 return on equity of 15.00% and a net margin of 15.44%.The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the prior year, the firm posted $12.41 EPS. The business's revenue for the quarter was down 2.4% on a year-over-year basis. Analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a dividend of $0.40 per share. The ex-dividend date was Monday, September 15th. This represents a $1.60 annualized dividend and a yield of 0.7%. RenaissanceRe's dividend payout ratio is currently 4.09%.

RenaissanceRe 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.

Want to see what other hedge funds are holding RNR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.