Jennison Associates LLC Raises Stock Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Jennison Associates LLC increased its stake in RenaissanceRe Holdings by 40.6% in the first quarter, ending with 340,577 shares valued at about $101.2 million.
• RenaissanceRe reported strong recent financials, including Q1 EPS of $13.75 on revenue of $2.19 billion, while analysts expect the company to earn 40.57 EPS for the full year.
• The company paid a quarterly dividend of $0.41 and currently has a low 0.5% yield; Wall Street’s overall view is Hold with an average price target of $331.80.

Jennison Associates LLC lifted its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 40.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 340,577 shares of the insurance provider's stock after acquiring an additional 98,395 shares during the quarter. Jennison Associates LLC owned 0.80% of RenaissanceRe worth $101,230,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of RNR. Kingdom Financial Group LLC. acquired a new position in RenaissanceRe during the fourth quarter worth $36,000. Quarry LP grew its holdings in RenaissanceRe by 65.0% in the third quarter. Quarry LP now owns 132 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 52 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in RenaissanceRe by 235.0% in the third quarter. CIBC Private Wealth Group LLC now owns 134 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 94 shares during the last quarter. Mcguire Capital Advisors Inc. purchased a new position in shares of RenaissanceRe in the fourth quarter valued at $38,000. Finally, SBI Securities Co. Ltd. raised its stake in shares of RenaissanceRe by 33.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider's stock worth $41,000 after buying an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Performance

Shares of RNR opened at $322.88 on Monday. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $329.57. The company's 50 day simple moving average is $302.22 and its 200 day simple moving average is $297.08. The company has a market capitalization of $13.76 billion, a price-to-earnings ratio of 5.38, a PEG ratio of 1.26 and a beta of 0.17. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 EPS for the quarter. The firm had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. On average, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 40.57 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date was Monday, June 15th. RenaissanceRe's dividend payout ratio is presently 2.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Mizuho boosted their price objective on shares of RenaissanceRe from $325.00 to $329.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Wall Street Zen cut shares of RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Morgan Stanley upped their price target on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an "equal weight" rating in a report on Monday, July 6th. Cantor Fitzgerald increased their price target on shares of RenaissanceRe from $340.00 to $354.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Finally, Weiss Ratings raised shares of RenaissanceRe from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, June 25th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $331.80.

About RenaissanceRe

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.

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