Park Avenue Securities LLC Takes Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Park Avenue Securities LLC has purchased a new stake of 3,491 shares in RenaissanceRe Holdings Ltd., valued at approximately $848,000, indicating a positive investment interest in the company.
• RenaissanceRe reported earnings per share of $12.29 for the quarter, surpassing expectations, although its revenue fell by 2.4% from the previous year.
• An upcoming quarterly dividend of $0.40 per share will be paid to investors on September 30th, reflecting a dividend yield of 0.6%.

Park Avenue Securities LLC purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,491 shares of the insurance provider's stock, valued at approximately $848,000.

A number of other institutional investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted 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 last quarter. Boston Partners lifted its holdings in RenaissanceRe by 4.6% during the 1st quarter. Boston Partners now owns 2,106,207 shares of the insurance provider's stock worth $505,509,000 after purchasing an additional 92,825 shares in the last quarter. Cooke & Bieler LP lifted its holdings in 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 purchasing an additional 190,139 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in RenaissanceRe by 15.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider's stock worth $183,175,000 after purchasing an additional 101,060 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in RenaissanceRe by 15.2% during the 1st quarter. Lord Abbett & CO. LLC now owns 466,823 shares of the insurance provider's stock worth $112,038,000 after purchasing an additional 61,465 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Performance

NYSE:RNR opened at $251.14 on Friday. The business's 50-day moving average price is $242.75 and its two-hundred day moving average price is $241.87. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $300.00. The stock has a market cap of $11.82 billion, a P/E ratio of 6.42, a PEG ratio of 2.46 and a beta of 0.29. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23.

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

RenaissanceRe Dividend Announcement

The business also recently declared 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. This represents a $1.60 annualized dividend and a yield of 0.6%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is presently 4.09%.

Analysts Set New Price Targets

A number of analysts recently issued reports on RNR shares. UBS Group increased their price objective on RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Wolfe Research started coverage on RenaissanceRe in a report on Monday, September 15th. They set a "peer perform" rating on the stock. Keefe, Bruyette & Woods increased their price objective on RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. Finally, Citigroup started coverage on RenaissanceRe in a report on Wednesday, August 13th. They set a "buy" rating and a $288.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, RenaissanceRe presently has an average rating of "Hold" and an average 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.

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