Great Lakes Advisors LLC Grows Stock Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Great Lakes Advisors LLC increased its ownership of RenaissanceRe Holdings Ltd. by 49.3%, acquiring an additional 107,745 shares, bringing their total to 326,480 shares valued at approximately $78.36 million.
• RenaissanceRe reported a quarterly earnings per share (EPS) of $12.29, exceeding analysts' expectations of $10.28, although its revenue of $2.77 billion fell short of estimates.
• The company declared a quarterly dividend of $0.40 per share, with an annualized yield of 0.7%, demonstrating a sustainable dividend payout ratio of 4.09%.

Great Lakes Advisors LLC increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 49.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 326,480 shares of the insurance provider's stock after purchasing an additional 107,745 shares during the quarter. Great Lakes Advisors LLC owned 0.67% of RenaissanceRe worth $78,355,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in shares of RenaissanceRe by 37.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider's stock valued at $599,049,000 after purchasing an additional 676,125 shares during the last quarter. Boston Partners grew its position in RenaissanceRe by 4.6% in the 1st quarter. Boston Partners now owns 2,106,207 shares of the insurance provider's stock valued at $505,509,000 after acquiring an additional 92,825 shares during the last quarter. Polar Capital Holdings Plc grew its position in RenaissanceRe by 5.7% in the 4th quarter. Polar Capital Holdings Plc now owns 1,298,190 shares of the insurance provider's stock valued at $323,003,000 after acquiring an additional 69,884 shares during the last quarter. Cooke & Bieler LP grew its position in RenaissanceRe by 18.0% in the 1st quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider's stock valued at $299,458,000 after acquiring an additional 190,139 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in RenaissanceRe by 15.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider's stock valued at $183,175,000 after acquiring an additional 101,060 shares during the last quarter. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Up 2.5%

Shares of NYSE RNR traded up $6.06 during mid-day trading on Thursday, reaching $244.57. 323,453 shares of the company were exchanged, compared to its average volume of 472,621. 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 $11.51 billion, a price-to-earnings ratio of 6.25, a P/E/G ratio of 2.34 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $300.00. The firm has a 50-day moving average of $241.38 and a 200 day moving average of $241.32.

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, topping analysts' consensus estimates of $10.28 by $2.01. The firm had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The firm's quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $12.41 EPS. On average, research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently disclosed 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. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio is 4.09%.

Analysts Set New Price Targets

A number of equities analysts have commented on RNR shares. Keefe, Bruyette & Woods upped their target price on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. Wells Fargo & Company restated 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. Citigroup started coverage on RenaissanceRe in a report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 target price for the company. Barclays raised their price target on RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Finally, Morgan Stanley lowered their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $282.09.

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.