Fox Run Management L.L.C. Takes $973,000 Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Fox Run Management L.L.C. has established a new position in RenaissanceRe Holdings Ltd., acquiring 4,054 shares valued at approximately $973,000 during the first quarter.
• Analysts have mixed ratings for RenaissanceRe, with an average rating of "Hold" and a price target of $282.09, reflecting a range of adjustments by various research firms.
• The company reported a quarterly earnings per share of $12.29, exceeding consensus estimates, but its revenue of $2.77 billion fell short of the expected $2.96 billion.

Fox Run Management L.L.C. acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,054 shares of the insurance provider's stock, valued at approximately $973,000.

Several other hedge funds have also bought and sold shares of RNR. Tsfg LLC purchased a new position in RenaissanceRe in the first quarter worth about $40,000. LRI Investments LLC raised its holdings in RenaissanceRe by 116.5% in the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock worth $63,000 after buying an additional 141 shares during the last quarter. UMB Bank n.a. raised its holdings in RenaissanceRe by 165.1% in the first quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock worth $111,000 after buying an additional 289 shares during the last quarter. State of Wyoming purchased a new position in RenaissanceRe in the fourth quarter worth about $175,000. Finally, Rossby Financial LCC purchased a new position in RenaissanceRe in the first quarter worth about $187,000. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Price Performance

Shares of RNR traded down $0.08 during mid-day trading on Thursday, reaching $247.97. The stock had a trading volume of 60,960 shares, compared to its average volume of 479,839. The firm has a market cap of $11.67 billion, a price-to-earnings ratio of 6.34, a PEG ratio of 2.39 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The business has a fifty day moving average of $241.39 and a 200 day moving average of $240.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share 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 business had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same period in the prior year, the business posted $12.41 earnings per share. The company's revenue was down 2.4% on a year-over-year basis. Equities analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.40 per share. The ex-dividend date is Monday, September 15th. This represents a $1.60 annualized dividend and a yield of 0.6%. RenaissanceRe's dividend payout ratio (DPR) is 4.09%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on RNR shares. Morgan Stanley decreased their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a report on Monday, July 14th. Citigroup started coverage on shares of RenaissanceRe in a report on Wednesday, August 13th. They set a "buy" rating and a $288.00 price objective for the company. Wells Fargo & Company reissued an "equal weight" rating and set a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Keefe, Bruyette & Woods upped their target price on shares of RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Finally, Cantor Fitzgerald raised shares of RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $282.09.

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.