RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Acquired by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC increased its stake in RenaissanceRe Holdings Ltd. by 35.6%, now holding 10,533 shares valued at approximately $2.53 million.
• RenaissanceRe's latest earnings report showed an EPS of $12.29, surpassing estimates by $2.01, despite a 2.4% decline in revenue year-over-year.
• The company declared a quarterly dividend of $0.40 per share, with a dividend yield of 0.7%, set to be paid on September 30th.

New Age Alpha Advisors LLC raised its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 35.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,533 shares of the insurance provider's stock after buying an additional 2,765 shares during the period. New Age Alpha Advisors LLC's holdings in RenaissanceRe were worth $2,528,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP grew its position in shares of RenaissanceRe by 462.8% in the fourth quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider's stock valued at $215,035,000 after purchasing an additional 710,698 shares during the period. GAMMA Investing LLC grew its position in shares of RenaissanceRe by 33,487.8% in the first quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock valued at $95,040,000 after purchasing an additional 394,821 shares during the period. Capital World Investors grew its position in shares of RenaissanceRe by 8.8% in the fourth quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider's stock valued at $717,278,000 after purchasing an additional 233,708 shares during the period. Cooke & Bieler LP grew its position 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 purchasing an additional 190,139 shares during the period. Finally, Bank of America Corp DE grew its position 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 purchasing an additional 124,125 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Trading Up 0.4%

Shares of RenaissanceRe stock traded up $0.88 on Friday, reaching $240.39. The company had a trading volume of 266,199 shares, compared to its average volume of 517,462. The firm's 50 day moving average price is $242.05 and its two-hundred day moving average price is $240.52. The firm has a market cap of $11.31 billion, a PE ratio of 6.14, a PEG ratio of 2.41 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week 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.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping 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 firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the prior year, the firm earned $12.41 EPS. The firm's revenue for the quarter was down 2.4% on a year-over-year basis. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently announced 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 presently 4.09%.

Analyst Upgrades and Downgrades

RNR has been the topic of a number of recent research reports. Morgan Stanley lowered their price target on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research report on Monday, July 14th. Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. JMP Securities restated a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, April 24th. Barclays lifted their target price 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, Wells Fargo & Company reaffirmed an "equal weight" rating and set a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, RenaissanceRe presently has an average rating of "Hold" and a consensus target price of $287.50.

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.