RenaissanceRe Holdings Ltd. $RNR Shares Bought by Great Lakes Advisors LLC

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

Several other hedge funds have also recently modified their holdings of the business. Goldman Sachs Group Inc. lifted its position in RenaissanceRe by 72.5% during the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider's stock valued at $13,725,000 after acquiring an additional 24,027 shares during the last quarter. Jones Financial Companies Lllp lifted its position in RenaissanceRe by 900.0% during the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider's stock valued at $324,000 after acquiring an additional 1,215 shares during the last quarter. USS Investment Management Ltd lifted its position in RenaissanceRe by 15.5% during the first quarter. USS Investment Management Ltd now owns 12,406 shares of the insurance provider's stock valued at $2,977,000 after acquiring an additional 1,664 shares during the last quarter. Scientech Research LLC lifted its position in RenaissanceRe by 39.6% during the first quarter. Scientech Research LLC now owns 4,459 shares of the insurance provider's stock valued at $1,070,000 after acquiring an additional 1,265 shares during the last quarter. Finally, Philadelphia Financial Management of San Francisco LLC purchased a new stake in RenaissanceRe during the first quarter valued at approximately $10,603,000. Hedge funds and other institutional investors own 99.97% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on RNR. Keefe, Bruyette & Woods increased their target price 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. Citigroup started coverage on shares of RenaissanceRe in a research report on Wednesday, August 13th. They set a "buy" rating and a $288.00 target price for the company. 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 note on Thursday, July 24th. Morgan Stanley cut their price target 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. Finally, Wells Fargo & Company restated an "equal weight" rating and set a $269.00 price target (up previously from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Four 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 stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $282.09.

RenaissanceRe Stock Performance

Shares of NYSE:RNR traded up $3.09 during midday trading on Friday, reaching $247.63. The company's stock had a trading volume of 460,105 shares, compared to its average volume of 342,556. The firm has a market capitalization of $11.65 billion, a PE ratio of 6.33, a P/E/G ratio of 2.40 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $300.00. The stock has a fifty day moving average of $241.59 and a 200 day moving average of $241.53. 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 earnings per share for the quarter, topping analysts' consensus estimates of $10.28 by $2.01. The firm 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%. The business's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $12.41 earnings per share. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.40 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. RenaissanceRe's dividend payout ratio is presently 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.