RenaissanceRe Holdings Ltd. $RNR Shares Acquired by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. significantly increased its stake in RenaissanceRe Holdings Ltd. (RNR) by 37.2% during Q1, now owning 2,496,035 shares valued at approximately $599 million.
• Brokerages have mixed expectations for RNR, with Barclays raising its price target to $273, while Citigroup initiated coverage with a "buy" rating and a price target of $288.
• RenaissanceRe announced a quarterly dividend of $0.40 per share, reflecting an annualized dividend yield of 0.6%, with the payment scheduled for September 30th.

Price T Rowe Associates Inc. MD lifted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 37.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,496,035 shares of the insurance provider's stock after buying an additional 676,125 shares during the quarter. Price T Rowe Associates Inc. MD owned 5.13% of RenaissanceRe worth $599,049,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Credit Agricole S A raised its holdings in shares of RenaissanceRe by 74.9% during the 1st quarter. Credit Agricole S A now owns 11,270 shares of the insurance provider's stock valued at $2,705,000 after buying an additional 4,826 shares during the period. Van Lanschot Kempen Investment Management N.V. raised its holdings in shares of RenaissanceRe by 12.3% during the 1st quarter. Van Lanschot Kempen Investment Management N.V. now owns 245,977 shares of the insurance provider's stock valued at $59,034,000 after buying an additional 27,028 shares during the period. Quantbot Technologies LP purchased a new stake in shares of RenaissanceRe during the 1st quarter valued at about $4,553,000. Brooklyn Investment Group raised its holdings in shares of RenaissanceRe by 151.7% during the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after buying an additional 88 shares during the period. Finally, Northwest & Ethical Investments L.P. increased its holdings in 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 purchasing an additional 9,109 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. UBS Group lifted 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. Keefe, Bruyette & Woods lifted 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 upgraded RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. Barclays lifted their price objective on RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Finally, Morgan Stanley dropped their price objective on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a report on Monday, July 14th. Four research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $282.09.

RenaissanceRe Stock Performance

Shares of RNR traded down $0.92 during mid-day trading on Tuesday, hitting $244.51. The stock had a trading volume of 324,338 shares, compared to its average volume of 477,860. The company has a market cap of $11.51 billion, a PE ratio of 6.25, a PEG ratio of 2.43 and a beta of 0.29. The company's fifty day simple moving average is $241.48 and its two-hundred day simple moving average is $240.54. 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 Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, topping the consensus estimate of $10.28 by $2.01. The company had revenue of $2.77 billion during 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 was down 2.4% on a year-over-year basis. During the same quarter last year, the firm earned $12.41 EPS. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given 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 (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.