MetLife Investment Management LLC Reduces Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• MetLife Investment Management LLC reduced its position in RenaissanceRe Holdings Ltd. by 6.4%, now owning about 0.06% of the company, valued at approximately $6.57 million.
• Multiple institutional investors, including Price T Rowe Associates and Boston Partners, have significantly increased their holdings in RenaissanceRe, indicating positive market sentiment.
• Analysts have mixed ratings on RenaissanceRe, with price targets ranging from $250 to $288 and an average rating of "Hold" with a price target of $282.09.

MetLife Investment Management LLC trimmed its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 6.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,386 shares of the insurance provider's stock after selling 1,883 shares during the quarter. MetLife Investment Management LLC owned about 0.06% of RenaissanceRe worth $6,573,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in RNR. Price T Rowe Associates Inc. MD raised its position in shares of RenaissanceRe by 37.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider's stock valued at $599,049,000 after buying an additional 676,125 shares during the period. Boston Partners raised its position in shares of RenaissanceRe by 4.6% during the 1st 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 position in shares of RenaissanceRe by 5.7% during the 4th 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 position in shares of RenaissanceRe by 18.0% during the 1st 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 position in shares of RenaissanceRe by 17.9% during the 4th 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. Institutional investors and hedge funds own 99.97% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. UBS Group lifted their price target 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. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. Keefe, Bruyette & Woods upped their price objective on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Wells Fargo & Company restated an "equal weight" rating and issued a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Finally, Citigroup assumed coverage on shares of RenaissanceRe in a report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price objective on the stock. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, RenaissanceRe presently has an average rating of "Hold" and an average price target of $282.09.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $244.43 on Thursday. The firm has a market cap of $11.51 billion, a P/E ratio of 6.25, a P/E/G ratio of 2.40 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $300.00. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. The firm's 50 day moving average price is $241.48 and its 200-day moving average price is $240.59.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its 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 company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm's quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the business earned $12.41 EPS. As a group, equities research analysts predict 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 issued a dividend of $0.40 per share. The ex-dividend date is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. RenaissanceRe's dividend payout ratio is 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.

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