RenaissanceRe Holdings Ltd. $RNR Shares Sold by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC has reduced its stake in RenaissanceRe Holdings Ltd. by 9.1%, now owning 57,558 shares valued at $13.81 million.
• Recent analyst reports have resulted in mixed ratings for RenaissanceRe, with a consensus target price of $282.09.
• RenaissanceRe announced a quarterly dividend of $0.40 per share, scheduled to be paid on September 30th, reflecting an annual yield of 0.7%.

Intech Investment Management LLC trimmed its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 9.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 57,558 shares of the insurance provider's stock after selling 5,771 shares during the quarter. Intech Investment Management LLC owned about 0.12% of RenaissanceRe worth $13,814,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Brooklyn Investment Group raised its stake in shares of RenaissanceRe by 151.7% in the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after acquiring an additional 88 shares during the period. Tsfg LLC purchased a new stake in shares of RenaissanceRe in the 1st quarter valued at approximately $40,000. LRI Investments LLC raised its stake in shares of RenaissanceRe by 116.5% in the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock valued at $63,000 after acquiring an additional 141 shares during the period. Advisors Asset Management Inc. increased its stake in RenaissanceRe by 10.5% during the 1st quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider's stock worth $106,000 after buying an additional 42 shares during the period. Finally, UMB Bank n.a. increased its stake in RenaissanceRe by 165.1% during the 1st 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 period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on RNR. Barclays upped their target price on shares of RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. 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. Morgan Stanley cut their target price 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 upped their target price on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Finally, Wolfe Research initiated coverage on shares of RenaissanceRe in a report on Monday. They set a "peer perform" rating for the company. Four research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, RenaissanceRe currently has an average rating of "Hold" and an average price target of $282.09.

RenaissanceRe Stock Down 3.0%

Shares of RNR traded down $7.21 during mid-day trading on Tuesday, reaching $236.30. 180,203 shares of the stock traded hands, compared to its average volume of 470,411. The firm has a market cap of $11.12 billion, a price-to-earnings ratio of 6.03, a P/E/G ratio of 2.42 and a beta of 0.29. The stock has a fifty day simple moving average of $241.68 and a 200 day simple moving average of $241.70. 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 Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, beating 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 firm had revenue of $2.77 billion for 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 firm's revenue was down 2.4% compared to the same quarter last year. Sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders 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 yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio is 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.