SRB Corp Has $101.20 Million Stock Holdings in RenaissanceRe Holdings Ltd. $RNR

Key Points

• SRB Corp has reduced its stake in RenaissanceRe Holdings Ltd. by 5.0% during the first quarter, leaving it with 421,659 shares valued at approximately $101.2 million.
• In contrast, GAMMA Investing LLC significantly increased its stake by 33,487.8%, now owning 396,000 shares valued at about $95 million.
• RenaissanceRe recently declared a quarterly dividend of $0.40 per share, which equates to an annualized yield of 0.7%.

SRB Corp lessened its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 5.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 421,659 shares of the insurance provider's stock after selling 22,192 shares during the period. RenaissanceRe comprises about 6.6% of SRB Corp's holdings, making the stock its 5th biggest position. SRB Corp owned about 0.87% of RenaissanceRe worth $101,198,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in RNR. Raymond James Financial Inc. purchased a new stake in RenaissanceRe during the fourth quarter worth about $8,498,000. Townsquare Capital LLC purchased a new stake in RenaissanceRe during the fourth quarter worth about $352,000. Mariner LLC increased its holdings in RenaissanceRe by 12.8% during the fourth quarter. Mariner LLC now owns 11,480 shares of the insurance provider's stock worth $2,856,000 after buying an additional 1,299 shares during the last quarter. GeoWealth Management LLC increased its stake in shares of RenaissanceRe by 766.9% in the fourth quarter. GeoWealth Management LLC now owns 1,231 shares of the insurance provider's stock worth $306,000 after purchasing an additional 1,089 shares in the last quarter. Finally, Forum Financial Management LP increased its stake in shares of RenaissanceRe by 40.3% in the fourth quarter. Forum Financial Management LP now owns 1,392 shares of the insurance provider's stock worth $346,000 after purchasing an additional 400 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

Analyst Upgrades and Downgrades

RNR has been the subject of several recent research reports. Morgan Stanley reduced their target price 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. Wells Fargo & Company reiterated an "equal weight" rating and issued a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Keefe, Bruyette & Woods lifted their target price 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. 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 note on Monday, July 28th. Finally, Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, RenaissanceRe has a consensus rating of "Hold" and a consensus price target of $282.09.

RenaissanceRe Price Performance

Shares of RNR stock traded down $1.1290 during trading hours on Friday, reaching $248.0210. The stock had a trading volume of 307,587 shares, compared to its average volume of 383,465. The stock's fifty day simple moving average is $241.52 and its 200 day simple moving average is $240.45. 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 12 month low of $219.00 and a 12 month high of $300.00. The firm has a market capitalization of $11.67 billion, a PE ratio of 6.34, a PEG ratio of 2.44 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data 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 net margin of 15.44% and a return on equity of 15.00%. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same period last year, the business earned $12.41 earnings per share. RenaissanceRe's revenue was down 2.4% compared to the same quarter last year. On average, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) 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.