Jennison Associates LLC Has $54.66 Million Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Jennison Associates LLC cut its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 36.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 227,768 shares of the insurance provider's stock after selling 131,911 shares during the period. Jennison Associates LLC owned 0.47% of RenaissanceRe worth $54,664,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. increased its holdings in RenaissanceRe by 5.8% in the 4th quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider's stock valued at $274,000 after acquiring an additional 61 shares during the last quarter. Fifth Third Bancorp increased its holdings in RenaissanceRe by 1.2% in the 1st quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock valued at $1,584,000 after acquiring an additional 79 shares during the last quarter. Seeds Investor LLC increased its holdings in RenaissanceRe by 6.3% in the 4th quarter. Seeds Investor LLC now owns 1,385 shares of the insurance provider's stock valued at $344,000 after acquiring an additional 82 shares during 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 valued at $394,000 after acquiring an additional 88 shares during the last quarter. Finally, 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 valued at $243,000 after acquiring an additional 93 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CAO James Christopher Fraser sold 332 shares of RenaissanceRe stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the sale, the chief accounting officer directly owned 27,154 shares of the company's stock, valued at approximately $6,776,009.16. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.00% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RNR. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $268.00 price objective (down previously from $282.00) on shares of RenaissanceRe in a report on Wednesday, July 9th. Jefferies Financial Group reduced their price target on shares of RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a report on Friday, April 11th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target for the company in a report on Tuesday, April 8th. JMP Securities restated a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. Finally, Bank of America reduced their price objective on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research note on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $288.00.

RenaissanceRe Trading Up 2.4%

RNR stock traded up $5.58 during mid-day trading on Tuesday, hitting $237.53. 797,327 shares of the company were exchanged, compared to its average volume of 452,946. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $11.56 billion, a P/E ratio of 7.58, a PEG ratio of 2.72 and a beta of 0.30. The business has a fifty day simple moving average of $242.92 and a 200-day simple moving average of $241.81. RenaissanceRe Holdings Ltd. has a 12-month low of $210.51 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.17). The company had revenue of $3.44 billion during the quarter, compared to analysts' expectations of $3.36 billion. RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. RenaissanceRe's revenue was up 7.6% on a year-over-year basis. During the same period last year, the firm earned $12.18 earnings per share. On average, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.67%. The ex-dividend date of this dividend was Friday, June 13th. RenaissanceRe's payout ratio is currently 5.10%.

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.