Amundi Boosts Stock Holdings in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Amundi increased its stake in RenaissanceRe Holdings Ltd. by 18.0%, owning a total of 6,924 shares valued at approximately $1.7 million by the end of the first quarter.
• RenaissanceRe reported an EPS of $12.29 for the last quarter, significantly beating analysts' expectations of $10.28, though revenue decreased by 2.4% year-over-year.
• The company declared a quarterly dividend of $0.40 per share, set to be paid on September 30th, which translates to an annualized yield of 0.6%.

Amundi raised its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 18.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,924 shares of the insurance provider's stock after acquiring an additional 1,054 shares during the period. Amundi's holdings in RenaissanceRe were worth $1,699,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Brooklyn Investment Group boosted its holdings 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 period. Tsfg LLC bought a new stake in shares of RenaissanceRe during the first quarter worth approximately $40,000. LRI Investments LLC boosted its holdings in shares of RenaissanceRe by 116.5% during the first 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 period. UMB Bank n.a. boosted its holdings in shares of RenaissanceRe by 165.1% during the first 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 period. Finally, State of Wyoming bought a new stake in shares of RenaissanceRe during the fourth quarter worth approximately $175,000. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Price Performance

NYSE:RNR traded up $1.52 during midday trading on Thursday, hitting $242.48. The company had a trading volume of 471,591 shares, compared to its average volume of 367,138. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The stock's fifty day moving average price is $241.72 and its 200-day moving average price is $241.67. The company has a market capitalization of $11.41 billion, a PE ratio of 6.20, a P/E/G ratio of 2.36 and a beta of 0.29. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping the consensus estimate of $10.28 by $2.01. The business had revenue of $2.77 billion during 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 firm's revenue for the quarter was down 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $12.41 earnings per share. As a group, research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.40 per share. The ex-dividend date is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.7%. RenaissanceRe's dividend payout ratio is presently 4.09%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RNR. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Keefe, Bruyette & Woods increased 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. Barclays increased their price objective on shares of RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 24th. Morgan Stanley cut their price target on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Finally, UBS Group lifted their target price on shares of RenaissanceRe from $250.00 to $265.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Four equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $282.09.

RenaissanceRe Company 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.