Nuveen LLC Buys New Stake in RenaissanceRe Holdings Ltd. $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 acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 225,364 shares of the insurance provider's stock, valued at approximately $54,087,000. Nuveen LLC owned about 0.46% of RenaissanceRe as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Bessemer Group Inc. raised its position in RenaissanceRe by 5.8% in the fourth quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider's stock valued at $274,000 after purchasing an additional 61 shares during the period. Fifth Third Bancorp increased its holdings in RenaissanceRe by 1.2% during the 1st quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock worth $1,584,000 after purchasing an additional 79 shares during the period. QRG Capital Management Inc. boosted its position in shares of RenaissanceRe by 5.7% during the 1st quarter. QRG Capital Management Inc. now owns 1,642 shares of the insurance provider's stock worth $394,000 after acquiring an additional 88 shares in the last quarter. Rehmann Capital Advisory Group boosted its position in shares of RenaissanceRe by 10.0% during the 4th quarter. Rehmann Capital Advisory Group now owns 1,027 shares of the insurance provider's stock worth $243,000 after acquiring an additional 93 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of RenaissanceRe by 1.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,847 shares of the insurance provider's stock worth $1,643,000 after acquiring an additional 95 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Up 1.0%

NYSE RNR traded up $2.39 on Tuesday, hitting $242.00. 46,576 shares of the stock traded hands, compared to its average volume of 482,400. The stock has a 50-day moving average of $241.26 and a 200 day moving average of $240.15. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $300.00. The company has a market capitalization of $11.39 billion, a P/E ratio of 6.18, 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 (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping analysts' consensus estimates of $10.28 by $2.01. The business had revenue of $2.77 billion for 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 business's quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $12.41 EPS. As a group, analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio is presently 4.09%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RNR shares. Citigroup started coverage on RenaissanceRe in a research report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 target price for the company. Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. UBS Group increased their target price on RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods raised their price objective on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Finally, JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, RenaissanceRe 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.