Lord Abbett & CO. LLC Buys 61,465 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

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 grew its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 15.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 approximately 0.96% of RenaissanceRe worth $112,038,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Boston Partners increased its position 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 acquiring an additional 92,825 shares during the last quarter. Resona Asset Management Co. Ltd. boosted its stake in shares of RenaissanceRe by 0.8% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 8,047 shares of the insurance provider's stock worth $1,931,000 after acquiring an additional 61 shares during the period. Nuveen LLC acquired a new position in shares of RenaissanceRe during the 1st quarter worth approximately $54,087,000. Aigen Investment Management LP acquired a new position in shares of RenaissanceRe during the 1st quarter worth approximately $264,000. Finally, Virtu Financial LLC increased its holdings in shares of RenaissanceRe by 165.9% during the 1st quarter. Virtu Financial LLC now owns 12,539 shares of the insurance provider's stock worth $3,009,000 after acquiring an additional 7,824 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

RNR has been the topic of a number of recent analyst reports. Morgan Stanley decreased their target price on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a report on Monday, July 14th. Barclays boosted their target price on RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. JMP Securities reissued a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. Wells Fargo & Company reissued an "equal weight" rating and set a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Finally, Keefe, Bruyette & Woods boosted their target price on RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $282.09.

RenaissanceRe Price Performance

NYSE:RNR traded down $3.19 during trading hours on Friday, reaching $239.09. 376,291 shares of the company were exchanged, compared to its average volume of 470,376. The company has a market capitalization of $11.25 billion, a P/E ratio of 6.11, a P/E/G ratio of 2.34 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $300.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. The business has a 50 day moving average of $241.35 and a 200 day moving average of $240.09.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $10.28 by $2.01. The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%. The firm's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $12.41 earnings per share. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

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

About RenaissanceRe

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.