RenaissanceRe Holdings Ltd. $RNR Shares Purchased by Aberdeen Group plc

Key Points

• Aberdeen Group plc boosted its stake in RenaissanceRe Holdings Ltd. by 151.6%, now owning approximately 27,320 shares worth $6,557,000.
• RenaissanceRe reported earnings of $12.29 per share, exceeding estimates by $2.01, while revenue for the quarter totaled $2.77 billion, falling short of analyst expectations.
• The company declared a quarterly dividend of $0.40 per share, with an annual yield of 0.6%, payable to shareholders on September 30th.

Aberdeen Group plc increased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 151.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,320 shares of the insurance provider's stock after purchasing an additional 16,463 shares during the quarter. Aberdeen Group plc owned 0.06% of RenaissanceRe worth $6,557,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of RNR. Bank of America Corp DE lifted its holdings in RenaissanceRe by 17.9% in the fourth quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock valued at $203,339,000 after acquiring an additional 124,125 shares during the period. Miracle Mile Advisors LLC purchased a new stake in shares of RenaissanceRe in the first quarter valued at approximately $271,000. Yorktown Management & Research Co Inc purchased a new stake in shares of RenaissanceRe in the first quarter valued at approximately $348,000. Deutsche Bank AG increased its position in shares of RenaissanceRe by 4.2% in the fourth quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider's stock valued at $2,666,000 after buying an additional 431 shares in the last quarter. Finally, Bridges Investment Management Inc. increased its position in shares of RenaissanceRe by 21.9% in the first quarter. Bridges Investment Management Inc. now owns 6,020 shares of the insurance provider's stock valued at $1,445,000 after buying an additional 1,080 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RNR shares. 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 research report on Monday, July 28th. Barclays boosted their price objective 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 cut their price objective on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research report on Monday, July 14th. Wells Fargo & Company restated an "equal weight" rating and issued a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Finally, Cantor Fitzgerald upgraded RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Four investment 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's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $282.09.

RenaissanceRe Trading Down 0.4%

NYSE RNR traded down $0.92 on Tuesday, reaching $244.51. 324,338 shares of the company were exchanged, compared to its average volume of 333,946. The business's fifty day moving average price is $241.50 and its 200 day moving average price is $240.56. The stock has a market capitalization of $11.51 billion, a P/E ratio of 6.25, a price-to-earnings-growth ratio of 2.41 and a beta of 0.29. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data 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. The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The firm's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $12.41 earnings per share. Analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently declared 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 0.7%. The ex-dividend date of this dividend 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.