Quantbot Technologies LP Purchases New Shares in RenaissanceRe Holdings Ltd. $RNR

Key Points

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Quantbot Technologies LP bought a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 18,970 shares of the insurance provider's stock, valued at approximately $4,553,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Brooklyn Investment Group raised 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 in the last quarter. Northwest & Ethical Investments L.P. raised its stake in RenaissanceRe by 10.7% in the first quarter. Northwest & Ethical Investments L.P. now owns 93,907 shares of the insurance provider's stock valued at $22,538,000 after purchasing an additional 9,109 shares in the last quarter. Raymond James Financial Inc. raised its stake in RenaissanceRe by 9.1% in the first quarter. Raymond James Financial Inc. now owns 37,249 shares of the insurance provider's stock valued at $8,940,000 after purchasing an additional 3,094 shares in the last quarter. Cresset Asset Management LLC raised 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 purchasing an additional 213 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in RenaissanceRe by 38.0% in the first quarter. American Century Companies Inc. now owns 110,943 shares of the insurance provider's stock valued at $26,626,000 after purchasing an additional 30,574 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Trading Down 0.5%

Shares of NYSE RNR traded down $1.1290 during mid-day trading on Friday, hitting $248.0210. The stock had a trading volume of 307,587 shares, compared to its average volume of 351,488. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $300.00. The business has a 50 day moving average price of $241.52 and a two-hundred day moving average price of $240.49. The firm has a market cap of $11.67 billion, a P/E ratio of 6.34, a price-to-earnings-growth ratio of 2.43 and a beta of 0.29.

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. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the previous year, the firm earned $12.41 earnings per share. The firm's revenue for the quarter was down 2.4% on a year-over-year basis. On average, equities analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe's payout ratio is presently 4.09%.

Analyst Ratings Changes

Several research analysts have commented on the stock. Cantor Fitzgerald raised shares of RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Citigroup assumed coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They set a "buy" rating and a $288.00 price target on the stock. Wells Fargo & Company reissued an "equal weight" rating and set a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Morgan Stanley decreased their price target on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Finally, UBS Group lifted their price target on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target 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.