Invesco Ltd. Cuts Position in RenaissanceRe Holdings Ltd. $RNR

Invesco Ltd. lessened its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 0.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 813,480 shares of the insurance provider's stock after selling 7,631 shares during the period. Invesco Ltd. owned approximately 1.67% of RenaissanceRe worth $195,235,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of RNR. LPL Financial LLC boosted its stake in shares of RenaissanceRe by 1.4% in the 4th quarter. LPL Financial LLC now owns 7,125 shares of the insurance provider's stock worth $1,773,000 after buying an additional 98 shares during the last quarter. Franklin Resources Inc. purchased a new position in shares of RenaissanceRe in the 4th quarter worth approximately $1,086,000. Raymond James Financial Inc. purchased a new position in shares of RenaissanceRe in the 4th quarter worth approximately $8,498,000. Bessemer Group Inc. boosted its stake in shares of RenaissanceRe by 5.8% in the 4th quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider's stock worth $274,000 after buying an additional 61 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its stake in shares of RenaissanceRe by 26.2% in the 4th quarter. Sterling Capital Management LLC now owns 5,125 shares of the insurance provider's stock worth $1,275,000 after buying an additional 1,063 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RNR shares. Morgan Stanley lowered their price target on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a report on Monday, July 14th. Barclays lifted their price target on shares of RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Citigroup started coverage on shares of RenaissanceRe in a report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price target on the stock. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $269.00 price target (up previously from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, RenaissanceRe presently has a consensus rating of "Hold" and a consensus target price of $282.09.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock traded down $0.13 during trading on Monday, hitting $238.79. The stock had a trading volume of 52,760 shares, compared to its average volume of 482,939. The firm has a market cap of $11.24 billion, a price-to-earnings ratio of 6.10, a P/E/G ratio of 2.34 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 business's 50-day moving average is $241.35 and its 200 day moving average is $240.10. 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 released its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping the consensus estimate of $10.28 by $2.01. The firm had revenue of $2.77 billion for the quarter, compared to analysts' expectations 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $12.41 earnings per share. As a group, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

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 given a $0.40 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.60 annualized dividend and a yield of 0.7%. RenaissanceRe's 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.