RenaissanceRe Holdings Ltd. $RNR Stock Position Reduced by AQR Capital Management LLC

Key Points

• AQR Capital Management reduced its stake in RenaissanceRe Holdings Ltd. by 20.8%, owning 259,764 shares valued at approximately $62.3 million after selling 68,326 shares in the first quarter.
• Research analysts have mixed views on RenaissanceRe's stock, with Barclays raising its price target to $273.00 and Citigroup issuing a "buy" rating with a target of $288.00, while overall the stock has a consensus rating of "Hold."
• The company will declare a quarterly dividend of $0.40 on September 30th, representing an annualized dividend of $1.60 and a yield of 0.7%.

AQR Capital Management LLC cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 20.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 259,764 shares of the insurance provider's stock after selling 68,326 shares during the quarter. AQR Capital Management LLC owned approximately 0.53% of RenaissanceRe worth $62,343,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in RNR. Advisors Asset Management Inc. raised its position 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 buying an additional 42 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its holdings in shares of RenaissanceRe by 0.8% in the first quarter. Resona Asset Management Co. Ltd. now owns 8,047 shares of the insurance provider's stock valued at $1,931,000 after acquiring an additional 61 shares in the last quarter. Fifth Third Bancorp increased its stake 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 valued at $1,584,000 after acquiring an additional 79 shares during the period. QRG Capital Management Inc. raised its holdings in 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 purchasing an additional 88 shares in the last quarter. Finally, Brooklyn Investment Group lifted its position in RenaissanceRe by 151.7% in the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock worth $35,000 after purchasing an additional 88 shares during the period. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Trading Up 2.5%

Shares of NYSE:RNR traded up $6.06 during mid-day trading on Thursday, hitting $244.57. The stock had a trading volume of 323,453 shares, compared to its average volume of 338,613. The company's 50 day moving average is $241.45 and its 200-day moving average is $241.43. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month 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. The company has a market cap of $11.51 billion, a PE 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 announced its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.28 by $2.01. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The company's revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the business earned $12.41 EPS. On average, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe's dividend payout ratio is currently 4.09%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Barclays lifted their price target on RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. Morgan Stanley dropped their price target on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research report on Monday, July 14th. Cantor Fitzgerald raised shares of RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. UBS Group lifted their price objective 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. Finally, Keefe, Bruyette & Woods increased their target price on shares of RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $282.09.

RenaissanceRe 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.