Scientech Research LLC Purchases 1,265 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Scientech Research LLC increased its stake in RenaissanceRe Holdings Ltd. by 39.6%, owning a total of 4,459 shares valued at approximately $1,070,000 after acquiring an additional 1,265 shares.
• Several hedge funds have also significantly increased their positions in RenaissanceRe, with Brooklyn Investment Group raising their stake by 151.7% in the first quarter.
• The company recently declared a quarterly dividend of $0.40, which will be paid on September 30th, contributing to an annualized yield of 0.7%.

Scientech Research LLC lifted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 39.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,459 shares of the insurance provider's stock after acquiring an additional 1,265 shares during the period. Scientech Research LLC's holdings in RenaissanceRe were worth $1,070,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its position in shares of RenaissanceRe by 37.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider's stock worth $599,049,000 after acquiring an additional 676,125 shares in the last quarter. Boston Partners increased its position in shares of RenaissanceRe by 4.6% in the first quarter. Boston Partners now owns 2,106,207 shares of the insurance provider's stock worth $505,509,000 after acquiring an additional 92,825 shares in the last quarter. Polar Capital Holdings Plc increased its position in shares of RenaissanceRe by 5.7% in the fourth quarter. Polar Capital Holdings Plc now owns 1,298,190 shares of the insurance provider's stock worth $323,003,000 after acquiring an additional 69,884 shares in the last quarter. Cooke & Bieler LP increased its position in shares of RenaissanceRe by 18.0% in the first quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider's stock worth $299,458,000 after acquiring an additional 190,139 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of RenaissanceRe by 15.3% in the first quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider's stock worth $183,175,000 after acquiring an additional 101,060 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Stock Up 0.1%

RNR stock traded up $0.14 during trading hours on Wednesday, hitting $238.47. The company's stock had a trading volume of 354,962 shares, compared to its average volume of 473,415. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. The company has a market capitalization of $11.22 billion, a PE ratio of 6.09, a price-to-earnings-growth ratio of 2.35 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The stock has a 50 day moving average price of $241.32 and a two-hundred day moving average price of $241.34.

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. The company 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 company's revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $12.41 earnings per share. On average, equities research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given 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 payout ratio is currently 4.09%.

Analyst Ratings Changes

RNR has been the topic of several analyst reports. Wells Fargo & Company reissued an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Citigroup assumed coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price objective on the stock. Barclays upped their price objective on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Morgan Stanley dropped their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Finally, Keefe, Bruyette & Woods upped their price objective 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 analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $282.09.

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.