RenaissanceRe Holdings Ltd. $RNR Shares Acquired by USS Investment Management Ltd

Key Points

• USS Investment Management Ltd increased its holdings in RenaissanceRe Holdings Ltd. by 15.5%, now owning 12,406 shares valued at approximately $2.98 million.
• The company reported earnings of $12.29 per share, surpassing estimates, but revenue saw a 2.4% decline year-over-year.
• RenaissanceRe announced a quarterly dividend of $0.40 per share, with a payout scheduled for September 30th.

USS Investment Management Ltd lifted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 15.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 12,406 shares of the insurance provider's stock after acquiring an additional 1,664 shares during the quarter. USS Investment Management Ltd's holdings in RenaissanceRe were worth $2,977,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Advisors Asset Management Inc. increased its position in shares of RenaissanceRe by 10.5% during the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider's stock worth $106,000 after acquiring an additional 42 shares during the last quarter. Resona Asset Management Co. Ltd. increased its position in shares of RenaissanceRe by 0.8% during the first quarter. Resona Asset Management Co. Ltd. now owns 8,047 shares of the insurance provider's stock worth $1,931,000 after acquiring an additional 61 shares during the last quarter. Fifth Third Bancorp increased its position in shares of RenaissanceRe by 1.2% during the first quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock worth $1,584,000 after acquiring an additional 79 shares during the last quarter. QRG Capital Management Inc. increased its position in shares of RenaissanceRe by 5.7% during the first 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 during the last quarter. Finally, Brooklyn Investment Group increased its position in shares of RenaissanceRe by 151.7% during the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock worth $35,000 after acquiring an additional 88 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Stock Performance

RNR stock traded up $3.09 during midday trading on Friday, reaching $247.63. The company had a trading volume of 460,105 shares, compared to its average volume of 346,746. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. The stock has a 50 day moving average price of $241.59 and a 200 day moving average price of $241.65. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $300.00. The firm has a market capitalization of $11.66 billion, a PE ratio of 6.33, a P/E/G ratio of 2.42 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, 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 during the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the previous year, the firm posted $12.41 earnings per share. RenaissanceRe's quarterly revenue was down 2.4% compared to the same quarter last year. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.40 dividend. 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 payout ratio is presently 4.09%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Morgan Stanley dropped their target price on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research report on Monday, July 14th. Keefe, Bruyette & Woods boosted their price objective on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a report on Monday, July 28th. UBS Group boosted 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. Citigroup initiated coverage on RenaissanceRe in a report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price objective for the company. Finally, Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. 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.com, RenaissanceRe currently has an average rating of "Hold" and a consensus target price 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.