Quantbot Technologies LP Invests $4.55 Million in RenaissanceRe Holdings Ltd. $RNR

Key Points

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Quantbot Technologies LP acquired a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 18,970 shares of the insurance provider's stock, valued at approximately $4,553,000.

Other large investors also recently bought and sold shares of the company. Brooklyn Investment Group lifted its position in shares of 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 acquiring an additional 88 shares in the last quarter. Tsfg LLC purchased a new position in RenaissanceRe during the first quarter worth approximately $40,000. LRI Investments LLC boosted its stake in RenaissanceRe by 116.5% during the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock worth $63,000 after buying an additional 141 shares during the last quarter. UMB Bank n.a. grew its holdings in RenaissanceRe by 165.1% in the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock valued at $111,000 after buying an additional 289 shares in the last quarter. Finally, State of Wyoming acquired a new stake in shares of RenaissanceRe in the 4th quarter worth $175,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RNR. Cantor Fitzgerald raised shares of RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Barclays increased their price target on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. UBS Group raised their price target on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Citigroup assumed coverage on RenaissanceRe in a report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price objective on the stock. Finally, Keefe, Bruyette & Woods raised their target price on RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" 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 given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $282.09.

RenaissanceRe Trading Down 0.5%

Shares of NYSE:RNR traded down $1.1290 during mid-day trading on Friday, reaching $248.0210. 307,587 shares of the company were exchanged, compared to its average volume of 383,465. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $300.00. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. The firm's 50-day simple moving average is $241.52 and its 200 day simple moving average is $240.45. The firm has a market cap of $11.67 billion, a price-to-earnings ratio of 6.34, a P/E/G ratio of 2.44 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the previous year, the company earned $12.41 earnings per share. The firm's quarterly revenue was down 2.4% compared to the same quarter last year. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current 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 issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is 4.09%.

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.