Nuveen LLC Makes New $54.09 Million Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Key Points

• Nuveen LLC acquired a new stake in RenaissanceRe Holdings Ltd., purchasing 225,364 shares valued at approximately $54 million, which represents 0.46% ownership of the company.
• Analysts have diverse opinions on RenaissanceRe's stock, with target prices ranging from $250 to $288, and a consensus rating of "Hold".
• RenaissanceRe announced a quarterly dividend of $0.40 per share, with a dividend yield of 0.7% and a payout ratio of 4.09%.

Nuveen LLC purchased a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 225,364 shares of the insurance provider's stock, valued at approximately $54,087,000. Nuveen LLC owned 0.46% of RenaissanceRe at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RNR. Capital World Investors raised its holdings in shares of RenaissanceRe by 8.8% during the 4th quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider's stock worth $717,278,000 after acquiring an additional 233,708 shares in the last quarter. Polar Capital Holdings Plc raised its holdings 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 worth $323,003,000 after acquiring an additional 69,884 shares in the last quarter. Cooke & Bieler LP raised its holdings 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 worth $299,458,000 after acquiring an additional 190,139 shares in the last quarter. First Trust Advisors LP raised its holdings in shares of RenaissanceRe by 462.8% during the 4th quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider's stock worth $215,035,000 after acquiring an additional 710,698 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings 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 worth $203,339,000 after acquiring an additional 124,125 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Wells Fargo & Company restated an "equal weight" rating and set a $269.00 price target (up previously from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Barclays increased their price target on RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a report on Thursday, July 24th. Cantor Fitzgerald upgraded RenaissanceRe to a "hold" rating in a report on Wednesday. Citigroup assumed coverage on RenaissanceRe in a report on Wednesday. They set a "buy" rating and a $288.00 price target on the stock. Finally, 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 report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $282.09.

RenaissanceRe Stock Down 1.3%

Shares of RenaissanceRe stock traded down $3.19 during trading on Friday, hitting $239.09. 376,291 shares of the stock traded hands, compared to its average volume of 470,376. The firm has a market cap of $11.25 billion, a P/E ratio of 6.11, a price-to-earnings-growth ratio of 2.34 and a beta of 0.29. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The stock's fifty day simple moving average is $241.35 and its 200 day simple moving average is $240.09.

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

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given 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 yield of 0.7%. RenaissanceRe's dividend payout ratio (DPR) is presently 4.09%.

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.