RenaissanceRe Holdings Ltd. $RNR is SRB Corp's 5th Largest Position

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 reduced its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 5.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 421,659 shares of the insurance provider's stock after selling 22,192 shares during the quarter. RenaissanceRe makes up about 6.6% of SRB Corp's holdings, making the stock its 5th largest position. SRB Corp owned about 0.87% of RenaissanceRe worth $101,198,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Brooklyn Investment Group raised its stake in shares of RenaissanceRe by 151.7% in the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after buying an additional 88 shares during the period. Tsfg LLC bought a new stake in shares of RenaissanceRe in the first quarter valued at $40,000. LRI Investments LLC raised its stake in shares of RenaissanceRe by 116.5% in the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock valued at $63,000 after buying an additional 141 shares during the period. UMB Bank n.a. raised its stake in shares of RenaissanceRe by 165.1% in the first quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock valued at $111,000 after buying an additional 289 shares during the period. Finally, State of Wyoming bought a new stake in shares of RenaissanceRe in the fourth quarter valued at $175,000. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Price Performance

RenaissanceRe stock traded down $1.1290 during midday trading on Friday, hitting $248.0210. 307,587 shares of the company's stock were exchanged, compared to its average volume of 351,488. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The stock has a 50-day moving average price of $241.52 and a two-hundred day moving average price of $240.49. 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 $11.67 billion, a P/E ratio of 6.34, a PEG ratio of 2.43 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 EPS for the quarter, topping the consensus estimate of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The business had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. During the same period in the previous year, the business earned $12.41 earnings per share. The firm's revenue was down 2.4% on a year-over-year basis. On average, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

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 issued 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 is presently 4.09%.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wells Fargo & Company restated an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Morgan Stanley lowered their target price on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Citigroup started coverage on RenaissanceRe in a research note on Wednesday, August 13th. They issued a "buy" rating and a $288.00 target price on the stock. Keefe, Bruyette & Woods lifted their price target on RenaissanceRe from $268.00 to $269.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Finally, Cantor Fitzgerald upgraded RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Four 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. Based on data from MarketBeat.com, RenaissanceRe presently has an average rating of "Hold" and a consensus price target 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.