Jane Street Group LLC Increases Holdings in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Jane Street Group LLC significantly increased its stake in RenaissanceRe Holdings Ltd. by 1,180.7% during the first quarter, owning approximately $17.81 million worth of shares.
• Several analysts have raised their price targets for RenaissanceRe, with a consensus target price now standing at $282.09 and most ratings being "Hold" or "Buy."
• RenaissanceRe announced a quarterly dividend of $0.40 per share, representing a yield of 0.6%, with the next payment scheduled for September 30th.

Jane Street Group LLC boosted its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 1,180.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 74,217 shares of the insurance provider's stock after purchasing an additional 68,422 shares during the period. Jane Street Group LLC owned about 0.15% of RenaissanceRe worth $17,812,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Brooklyn Investment Group increased its stake in RenaissanceRe by 151.7% in the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock worth $35,000 after purchasing an additional 88 shares during the period. Tsfg LLC purchased a new position in RenaissanceRe in the 1st quarter worth approximately $40,000. LRI Investments LLC increased its stake in RenaissanceRe by 116.5% in the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock worth $63,000 after purchasing an additional 141 shares during the period. Advisors Asset Management Inc. increased its stake in RenaissanceRe by 10.5% in the 1st quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider's stock worth $106,000 after purchasing an additional 42 shares during the period. Finally, UMB Bank n.a. increased its stake in RenaissanceRe by 165.1% in the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock worth $111,000 after purchasing an additional 289 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Morgan Stanley decreased their price target on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Keefe, Bruyette & Woods lifted their price target on RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. UBS Group lifted their price objective on RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Citigroup started coverage on RenaissanceRe in a research report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price objective on the stock. Finally, Barclays lifted their price objective on RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Four equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $282.09.

RenaissanceRe Stock Up 0.6%

Shares of NYSE RNR traded up $1.52 during mid-day trading on Thursday, hitting $242.48. 471,591 shares of the stock traded hands, compared to its average volume of 367,138. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $300.00. The company has a market cap of $11.41 billion, a price-to-earnings ratio of 6.20, a PEG ratio of 2.36 and a beta of 0.29. The stock has a fifty day moving average price of $241.72 and a 200-day moving average price of $241.67.

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, beating 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 for the quarter, compared to analyst estimates of $2.96 billion. During the same period in the previous year, the company posted $12.41 earnings per share. The firm's revenue was down 2.4% on a year-over-year basis. Research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

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