Northern Trust Corp Lowers Stake in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Northern Trust Corp sold 6,554 shares of RenaissanceRe Holdings Ltd. during the first quarter, lowering its stake by 1.2%, leaving it with 553,251 shares valued at approximately $132.78 million.
• Several hedge funds have made significant adjustments to their holdings in RenaissanceRe, including GAMMA Investing LLC which increased its stake drastically by over 33,000% during the same period.
• RenaissanceRe recently announced a quarterly dividend of $0.40 per share, representing an annualized yield of 0.6%, and is expected to post an earnings per share of 26.04 for the current year.

Northern Trust Corp cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 1.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 553,251 shares of the insurance provider's stock after selling 6,554 shares during the quarter. Northern Trust Corp owned about 1.14% of RenaissanceRe worth $132,780,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Brooklyn Investment Group grew its stake in RenaissanceRe by 151.7% in 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. Northwest & Ethical Investments L.P. raised its stake in shares of RenaissanceRe by 10.7% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 93,907 shares of the insurance provider's stock worth $22,538,000 after acquiring an additional 9,109 shares in the last quarter. Raymond James Financial Inc. lifted its position in RenaissanceRe by 9.1% during the first quarter. Raymond James Financial Inc. now owns 37,249 shares of the insurance provider's stock valued at $8,940,000 after acquiring an additional 3,094 shares during the last quarter. Cresset Asset Management LLC boosted its stake in RenaissanceRe by 15.8% in the first quarter. Cresset Asset Management LLC now owns 1,558 shares of the insurance provider's stock valued at $374,000 after acquiring an additional 213 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in RenaissanceRe by 38.0% in the first quarter. American Century Companies Inc. now owns 110,943 shares of the insurance provider's stock worth $26,626,000 after purchasing an additional 30,574 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Stock Performance

NYSE:RNR traded down $0.92 during mid-day trading on Tuesday, hitting $244.51. The company's stock had a trading volume of 324,338 shares, compared to its average volume of 477,860. The business's fifty day moving average is $241.48 and its two-hundred day moving average is $240.54. The stock has a market cap of $11.51 billion, a price-to-earnings ratio of 6.25, a PEG ratio of 2.43 and a beta of 0.29. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued 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. The business had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The company's revenue for the quarter was down 2.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $12.41 EPS. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal 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 paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.7%. RenaissanceRe's dividend payout ratio (DPR) is presently 4.09%.

Analysts Set New Price Targets

RNR has been the subject of several analyst reports. Citigroup started coverage on RenaissanceRe in a report on Wednesday, August 13th. They set a "buy" rating and a $288.00 price objective for the company. Keefe, Bruyette & Woods increased their price target on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Morgan Stanley lowered their price target on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a report on Monday, July 14th. Barclays boosted their price target on 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 issued a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Four investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus 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.