Jump Financial LLC Invests $663,000 in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Jump Financial LLC has acquired a new position in RenaissanceRe Holdings Ltd., purchasing 2,764 shares valued at approximately $663,000 in the first quarter.
• RenaissanceRe's earnings exceeded expectations with an EPS of $12.29, surpassing the consensus estimate of $10.28.
• The company announced a quarterly dividend of $0.40 per share, representing an annualized yield of 0.7% and a payout ratio of 4.09%.

Jump Financial LLC purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,764 shares of the insurance provider's stock, valued at approximately $663,000.

A number of other hedge funds have also bought and sold shares of the business. Price T Rowe Associates Inc. MD lifted its holdings in RenaissanceRe by 37.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider's stock worth $599,049,000 after acquiring an additional 676,125 shares during the period. Boston Partners raised its stake in shares of RenaissanceRe by 4.6% in the first quarter. Boston Partners now owns 2,106,207 shares of the insurance provider's stock valued at $505,509,000 after buying an additional 92,825 shares during the period. Polar Capital Holdings Plc raised its stake in shares of RenaissanceRe by 5.7% in the fourth quarter. Polar Capital Holdings Plc now owns 1,298,190 shares of the insurance provider's stock valued at $323,003,000 after buying an additional 69,884 shares during the period. Cooke & Bieler LP raised its stake in shares of RenaissanceRe by 18.0% in the first quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider's stock valued at $299,458,000 after buying an additional 190,139 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of RenaissanceRe by 17.9% in the fourth quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock valued at $203,339,000 after buying an additional 124,125 shares during the period. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Stock Performance

Shares of NYSE:RNR traded down $0.55 during midday trading on Thursday, reaching $245.86. 84,769 shares of the company traded hands, compared to its average volume of 473,292. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The firm has a market capitalization of $11.57 billion, a price-to-earnings ratio of 6.28, a price-to-earnings-growth ratio of 2.38 and a beta of 0.29. The firm's fifty day moving average price is $241.46 and its two-hundred day moving average price is $240.96.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, topping 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 business had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. During the same period in the previous year, the business earned $12.41 earnings per share. The firm's revenue was down 2.4% on a year-over-year basis. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm 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 dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe's payout ratio is presently 4.09%.

Analysts Set New Price Targets

Several brokerages have issued reports on RNR. Morgan Stanley lowered their target price on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Citigroup began coverage on RenaissanceRe in a research note on Wednesday, August 13th. They issued a "buy" rating and a $288.00 target price on the stock. Wells Fargo & Company restated an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Keefe, Bruyette & Woods boosted their target price on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Finally, Cantor Fitzgerald upgraded RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $282.09.

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.