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

Key Points

• Jane Street Group LLC significantly increased its holdings in RenaissanceRe Holdings Ltd. by 1,481.0% during the first quarter, owning approximately $21.99 million in stock.
• Multiple institutional investors have also added to their positions in RenaissanceRe, with Price T. Rowe Associates raising its stake by 37.2%.
• The stock has a consensus rating of "Hold" with an average price target of $282.09, as several brokerages adjust their outlooks for RenaissanceRe.

Jane Street Group LLC lifted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 1,481.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 91,617 shares of the insurance provider's stock after buying an additional 85,822 shares during the period. Jane Street Group LLC owned approximately 0.19% of RenaissanceRe worth $21,988,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Campbell & CO Investment Adviser LLC acquired a new stake in shares of RenaissanceRe during the first quarter worth about $2,725,000. Jump Financial LLC purchased a new stake in shares of RenaissanceRe in the first quarter valued at about $663,000. Summit Financial LLC purchased a new stake in shares of RenaissanceRe in the first quarter valued at about $3,131,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of RenaissanceRe by 37.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider's stock valued at $599,049,000 after acquiring an additional 676,125 shares in the last quarter. Finally, Credit Agricole S A boosted its holdings in shares of RenaissanceRe by 74.9% in the first quarter. Credit Agricole S A now owns 11,270 shares of the insurance provider's stock valued at $2,705,000 after acquiring an additional 4,826 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on RNR shares. Morgan Stanley lowered 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. Cantor Fitzgerald raised shares of RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. Wells Fargo & Company reaffirmed an "equal weight" rating and issued a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. UBS Group lifted their target price on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Four research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $282.09.

RenaissanceRe Price Performance

RNR stock traded down $0.09 during trading on Tuesday, reaching $242.90. 177,380 shares of the company were exchanged, compared to its average volume of 474,525. The company has a market cap of $11.43 billion, a P/E ratio of 6.20, a PEG ratio of 2.38 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 stock's 50 day moving average price is $241.33 and its 200 day moving average price is $240.89. 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 (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same quarter in the prior year, the firm earned $12.41 earnings per share. The company's revenue for the quarter was down 2.4% compared to the same quarter last year. As a group, analysts predict 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. Shareholders of record on Monday, September 15th will be issued a $0.40 dividend. 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 is 4.09%.

RenaissanceRe Company 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.