RenaissanceRe Holdings Ltd. $RNR Shares Bought by Northwest & Ethical Investments L.P.

Key Points

• Northwest & Ethical Investments L.P. increased its stake in RenaissanceRe Holdings by 10.7%, holding a total of 93,907 shares valued at approximately $22.5 million.
• RenaissanceRe experienced a year-over-year revenue decline of 2.4%, reporting $2.77 billion in revenue and an EPS of $12.29, surpassing the consensus estimate.
• The company announced a quarterly dividend of $0.40 per share, with a yield of 0.7%, payable on September 30th to shareholders of record by September 15th.

Northwest & Ethical Investments L.P. raised its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 10.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 93,907 shares of the insurance provider's stock after purchasing an additional 9,109 shares during the quarter. Northwest & Ethical Investments L.P. owned approximately 0.19% of RenaissanceRe worth $22,538,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of RNR. Tsfg LLC bought a new position in RenaissanceRe in the first quarter valued at approximately $40,000. LRI Investments LLC raised its stake in RenaissanceRe by 116.5% in the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock valued at $63,000 after buying an additional 141 shares during the period. UMB Bank n.a. raised its stake in RenaissanceRe by 165.1% in the first 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 during the period. State of Wyoming bought a new stake in RenaissanceRe in the fourth quarter valued at approximately $175,000. Finally, Rossby Financial LCC bought a new stake in RenaissanceRe in the first quarter valued at approximately $187,000. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Trading Down 0.7%

RNR traded down $1.81 during trading hours on Friday, reaching $247.34. The company's stock had a trading volume of 98,508 shares, compared to its average volume of 478,809. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $300.00. The stock has a market cap of $11.64 billion, a PE ratio of 6.32, a P/E/G ratio of 2.43 and a beta of 0.29. The business's 50-day moving average is $241.44 and its 200-day moving average is $240.35. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 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 firm had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.96 billion. During the same period in the prior year, the firm posted $12.41 earnings per share. The firm's quarterly revenue was down 2.4% on a year-over-year basis. As a group, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business 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 $0.40 dividend. 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 4.09%.

Analysts Set New Price Targets

Several research firms have issued reports on RNR. Citigroup began coverage on RenaissanceRe in a research note on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price objective on the stock. Barclays upped their price objective on RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Keefe, Bruyette & Woods upped 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. Cantor Fitzgerald upgraded RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. Finally, Wells Fargo & Company restated an "equal weight" rating and set a $269.00 price objective (up previously from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, RenaissanceRe currently has a consensus rating of "Hold" and an average price target of $282.09.

RenaissanceRe Company 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.