RenaissanceRe Holdings Ltd. $RNR Shares Acquired by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC increased its stake in RenaissanceRe Holdings Ltd. by 15.2%, acquiring an additional 61,465 shares, bringing its total ownership to 466,823 shares valued at approximately $112 million.
• Several large investors, including Boston Partners and Virtu Financial LLC, also enhanced their stakes in RenaissanceRe, indicating strong institutional support, as institutional investors own 99.97% of the company's stock.
• RenaissanceRe reported $12.29 EPS for the last quarter, exceeding expectations, but its revenue was down compared to the previous year, highlighting mixed performance amid a 0.7% dividend yield and upcoming payout date.

Lord Abbett & CO. LLC boosted its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 15.2% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 466,823 shares of the insurance provider's stock after purchasing an additional 61,465 shares during the period. Lord Abbett & CO. LLC owned about 0.96% of RenaissanceRe worth $112,038,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. First Trust Advisors LP grew its position in shares of RenaissanceRe by 462.8% during the fourth quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider's stock worth $215,035,000 after buying an additional 710,698 shares in the last quarter. GAMMA Investing LLC grew its holdings in RenaissanceRe by 33,487.8% during the 1st quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock worth $95,040,000 after acquiring an additional 394,821 shares in the last quarter. Capital World Investors increased its position in shares of RenaissanceRe by 8.8% in the 4th quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider's stock worth $717,278,000 after purchasing an additional 233,708 shares during the last quarter. Nuveen LLC bought a new stake in shares of RenaissanceRe in the 1st quarter worth about $54,087,000. Finally, Cooke & Bieler LP raised its stake in shares of RenaissanceRe by 18.0% in the 1st quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider's stock valued at $299,458,000 after purchasing an additional 190,139 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Price Performance

RNR traded up $2.17 on Tuesday, reaching $241.78. The company had a trading volume of 53,802 shares, compared to its average volume of 482,460. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $300.00. The company has a market capitalization of $11.38 billion, a P/E ratio of 6.18, a PEG ratio of 2.34 and a beta of 0.29. The company has a fifty day moving average of $241.26 and a 200-day moving average of $240.15. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. During the same period last year, the firm posted $12.41 earnings per share. The business's revenue was down 2.4% on a year-over-year basis. As a group, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.40 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. RenaissanceRe's dividend payout ratio is 4.09%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. Wells Fargo & Company restated an "equal weight" rating and issued a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. UBS Group boosted their price objective on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a report on Monday, July 28th. Finally, Morgan Stanley cut their price target on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a report on Monday, July 14th. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target 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.