Invesco Ltd. Sells 7,631 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

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

A number of other institutional investors and hedge funds have also modified their holdings of the company. Tsfg LLC acquired a new position in RenaissanceRe during the 1st quarter valued at $40,000. LRI Investments LLC raised its stake in RenaissanceRe by 116.5% during the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock valued at $63,000 after purchasing an additional 141 shares during the last quarter. UMB Bank n.a. raised 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 valued at $111,000 after purchasing an additional 289 shares during the last quarter. State of Wyoming acquired a new position in RenaissanceRe during the 4th quarter valued at $175,000. Finally, Rossby Financial LCC acquired a new stake in shares of RenaissanceRe in the 1st quarter valued at approximately $187,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods increased their price target 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 began coverage on shares of RenaissanceRe in a research report on Wednesday. They issued a "buy" rating and a $288.00 price target on the stock. Wells Fargo & Company restated an "equal weight" rating and set a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Morgan Stanley dropped their target price 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. Finally, JMP Securities restated a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, RenaissanceRe currently has an average rating of "Hold" and a consensus price target of $282.09.

RenaissanceRe Stock Down 1.3%

Shares of RNR traded down $3.19 during mid-day trading on Friday, hitting $239.09. 376,291 shares of the company's stock were exchanged, compared to its average volume of 470,376. The company has a market cap of $11.25 billion, a PE ratio of 6.11, a P/E/G ratio of 2.34 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $300.00. The company has a 50-day simple moving average of $241.35 and a 200 day simple moving average of $240.09. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued 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 company had revenue of $2.77 billion during 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 period last year, the business earned $12.41 EPS. On average, research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is currently 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.