USS Investment Management Ltd Boosts Stock Holdings in RenaissanceRe Holdings Ltd. $RNR

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 grew its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 15.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,406 shares of the insurance provider's stock after purchasing an additional 1,664 shares during the period. USS Investment Management Ltd's holdings in RenaissanceRe were worth $2,977,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group lifted its holdings in shares of RenaissanceRe by 151.7% during the 1st 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. Tsfg LLC bought a new stake in shares of RenaissanceRe during the 1st quarter worth $40,000. LRI Investments LLC lifted its holdings in shares of RenaissanceRe by 116.5% during the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock worth $63,000 after acquiring an additional 141 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of RenaissanceRe by 10.5% during the 1st 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. Finally, UMB Bank n.a. lifted its holdings in shares of RenaissanceRe by 165.1% during the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock worth $111,000 after acquiring an additional 289 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on RNR shares. Barclays lifted their price objective on shares of RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Morgan Stanley lowered their price target on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. UBS Group boosted their price target on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research note on Monday, July 28th. Finally, Wells Fargo & Company reissued 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. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $282.09.

RenaissanceRe Stock Up 2.5%

RNR traded up $6.06 on Thursday, hitting $244.57. The company had a trading volume of 323,453 shares, compared to its average volume of 338,613. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The stock has a fifty day simple moving average of $241.45 and a 200-day simple moving average of $241.43. 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 has a market capitalization of $11.51 billion, a P/E ratio of 6.25, a P/E/G ratio of 2.34 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping 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 the consensus estimate of $2.96 billion. During the same quarter in the prior year, the business earned $12.41 EPS. The business's revenue for the quarter was down 2.4% on a year-over-year basis. As a group, equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio 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.