RenaissanceRe Holdings Ltd. $RNR Shares Purchased 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 holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 10.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 0.19% of RenaissanceRe worth $22,538,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Resona Asset Management Co. Ltd. boosted its holdings in shares of RenaissanceRe by 0.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 8,047 shares of the insurance provider's stock valued at $1,931,000 after buying an additional 61 shares in the last quarter. Fifth Third Bancorp increased its holdings in shares of RenaissanceRe by 1.2% during the 1st quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock valued at $1,584,000 after purchasing an additional 79 shares in the last quarter. QRG Capital Management Inc. increased its holdings in RenaissanceRe by 5.7% in the 1st quarter. QRG Capital Management Inc. now owns 1,642 shares of the insurance provider's stock worth $394,000 after acquiring an additional 88 shares in the last quarter. Rehmann Capital Advisory Group increased its holdings in RenaissanceRe by 10.0% in the 4th quarter. Rehmann Capital Advisory Group now owns 1,027 shares of the insurance provider's stock worth $243,000 after acquiring an additional 93 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in RenaissanceRe by 1.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,847 shares of the insurance provider's stock worth $1,643,000 after purchasing an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RNR. Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. JMP Securities restated a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Finally, UBS Group increased their price objective on RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $282.09.

RenaissanceRe Price Performance

RenaissanceRe stock traded up $4.0680 during midday trading on Wednesday, reaching $247.7080. 288,659 shares of the company were exchanged, compared to its average volume of 482,531. The company has a market capitalization of $11.66 billion, a price-to-earnings ratio of 6.33, a P/E/G ratio of 2.35 and a beta of 0.29. The firm's 50-day simple moving average is $241.26 and its 200-day simple moving average is $240.18. 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 quick ratio of 1.36 and a current ratio of 1.36.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, topping analysts' consensus estimates of $10.28 by $2.01. The firm had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The firm's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter last year, the business posted $12.41 EPS. On average, analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 currently 4.09%.

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.