Martingale Asset Management L P Decreases Stake in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Martingale Asset Management L P reduced its holdings in RenaissanceRe by 34.4%, selling 26,023 shares and owning 49,620 shares now valued at approximately $11.9 million.
• Several other institutional investors, including Credit Agricole and Brooklyn Investment Group, have recently adjusted their positions, indicating significant interest in RenaissanceRe.
• RenaissanceRe reported $12.29 earnings per share for the last quarter, exceeding estimates, but had revenue down 2.4% year-over-year, prompting analysts to set a consensus price target of $282.09.

Martingale Asset Management L P cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 34.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,620 shares of the insurance provider's stock after selling 26,023 shares during the quarter. Martingale Asset Management L P owned 0.10% of RenaissanceRe worth $11,909,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Brooklyn Investment Group lifted its position in RenaissanceRe by 151.7% during the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 88 shares during the last quarter. Tsfg LLC bought a new stake in RenaissanceRe during the first quarter valued at approximately $40,000. LRI Investments LLC raised its stake in shares of RenaissanceRe by 116.5% during the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock worth $63,000 after acquiring an additional 141 shares in the last quarter. UMB Bank n.a. raised its stake in shares of RenaissanceRe by 165.1% during the first quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock worth $111,000 after acquiring an additional 289 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of RenaissanceRe during the fourth quarter worth approximately $175,000. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Stock Up 0.2%

Shares of RNR stock traded up $0.44 during mid-day trading on Wednesday, reaching $245.03. 141,736 shares of the company's stock traded hands, compared to its average volume of 475,727. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The company has a market cap of $11.53 billion, a P/E ratio of 6.26, a P/E/G ratio of 2.41 and a beta of 0.29. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. The company's 50-day moving average price is $241.50 and its 200-day moving average price is $240.56.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, beating analysts' consensus estimates of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.96 billion. During the same quarter in the previous year, the business posted $12.41 EPS. The company's quarterly 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 fiscal year.

RenaissanceRe Dividend Announcement

The company also recently disclosed 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. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is currently 4.09%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Cantor Fitzgerald raised shares of RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Morgan Stanley decreased their price target on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Wells Fargo & Company reissued an "equal weight" rating and set a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Barclays lifted their price target on shares of RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 24th. Finally, Citigroup started coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They set a "buy" rating and a $288.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $282.09.

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.