Fox Run Management L.L.C. Makes New Investment 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 stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 4,054 shares of the insurance provider's stock, valued at approximately $973,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in RNR. Resona Asset Management Co. Ltd. increased its position in RenaissanceRe by 0.8% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 8,047 shares of the insurance provider's stock worth $1,931,000 after purchasing an additional 61 shares in the last quarter. Fifth Third Bancorp increased its position in RenaissanceRe by 1.2% during the 1st quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock worth $1,584,000 after purchasing an additional 79 shares in the last quarter. QRG Capital Management Inc. increased its position in RenaissanceRe by 5.7% in the 1st quarter. QRG Capital Management Inc. now owns 1,642 shares of the insurance provider's stock valued at $394,000 after acquiring an additional 88 shares during the period. Rehmann Capital Advisory Group increased its position in RenaissanceRe by 10.0% in the 4th quarter. Rehmann Capital Advisory Group now owns 1,027 shares of the insurance provider's stock valued at $243,000 after acquiring an additional 93 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in RenaissanceRe by 1.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,847 shares of the insurance provider's stock valued at $1,643,000 after acquiring an additional 95 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Stock Up 1.8%

NYSE RNR traded up $4.4220 on Wednesday, hitting $248.0620. 139,561 shares of the company were exchanged, compared to its average volume of 481,523. The company has a market cap of $11.68 billion, a PE ratio of 6.34, a PEG ratio of 2.35 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 stock has a fifty day moving average of $241.26 and a 200-day moving average of $240.18. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $10.28 by $2.01. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. RenaissanceRe's revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $12.41 earnings per share. As a group, analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.60 annualized dividend and a yield of 0.6%. RenaissanceRe's dividend payout ratio is currently 4.09%.

Analyst Ratings Changes

RNR has been the subject of several recent research reports. Morgan Stanley decreased their price target 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. UBS Group upped their price target on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Barclays upped their price target on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. Finally, Citigroup initiated coverage on shares of RenaissanceRe in a research report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price target for the company. Four equities 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 company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price 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.