Intech Investment Management LLC Sells 5,771 Shares of RenaissanceRe Holdings Ltd. $RNR

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 lowered its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 9.1% in the 1st quarter, according to the company in its most recent filing with the 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.

Several other large investors also recently added to or reduced their stakes in the company. Jane Street Group LLC increased its holdings in RenaissanceRe by 1,180.7% in the 1st quarter. Jane Street Group LLC now owns 74,217 shares of the insurance provider's stock worth $17,812,000 after acquiring an additional 68,422 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in RenaissanceRe by 5.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 209,820 shares of the insurance provider's stock worth $50,357,000 after acquiring an additional 10,344 shares during the last quarter. Optimize Financial Inc increased its holdings in RenaissanceRe by 16.8% in the 1st quarter. Optimize Financial Inc now owns 1,509 shares of the insurance provider's stock worth $362,000 after acquiring an additional 217 shares during the last quarter. United Services Automobile Association purchased a new stake in RenaissanceRe in the 1st quarter worth about $797,000. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in RenaissanceRe by 490.9% in the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 7,487 shares of the insurance provider's stock worth $1,797,000 after acquiring an additional 6,220 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RNR. Keefe, Bruyette & Woods lifted their target price on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. UBS Group lifted their target price on RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Barclays lifted their target price on RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Finally, Morgan Stanley reduced their target price on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a report 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 MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $282.09.

RenaissanceRe Price Performance

Shares of NYSE RNR traded up $3.09 during midday trading on Friday, hitting $247.63. 460,105 shares of the company's stock were exchanged, compared to its average volume of 342,556. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $300.00. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The company has a market cap of $11.65 billion, a price-to-earnings ratio of 6.33, a PEG ratio of 2.40 and a beta of 0.29. The business's fifty day moving average price is $241.59 and its two-hundred day moving average price is $241.60.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, topping the consensus estimate of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the previous year, the firm earned $12.41 earnings per share. RenaissanceRe's revenue was down 2.4% on a year-over-year basis. As a group, research analysts forecast 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 issued 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 dividend yield of 0.6%. RenaissanceRe's payout ratio is presently 4.09%.

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.