RenaissanceRe Holdings Ltd. $RNR Shares Bought by Scientech Research LLC

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 stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 39.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,459 shares of the insurance provider's stock after buying an additional 1,265 shares during the quarter. Scientech Research LLC's holdings in RenaissanceRe were worth $1,070,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in shares of RenaissanceRe by 37.2% during 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 purchasing an additional 676,125 shares in the last quarter. GAMMA Investing LLC increased its stake in RenaissanceRe by 33,487.8% during the 1st quarter. GAMMA Investing LLC now owns 396,000 shares of the insurance provider's stock worth $95,040,000 after buying an additional 394,821 shares during the period. Nuveen LLC acquired a new position in RenaissanceRe in the 1st quarter worth $54,087,000. Cooke & Bieler LP boosted its position in RenaissanceRe by 18.0% in the 1st quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider's stock valued at $299,458,000 after buying an additional 190,139 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of RenaissanceRe by 15.3% during the first quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider's stock valued at $183,175,000 after acquiring an additional 101,060 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on RNR. Citigroup began coverage on RenaissanceRe in a research note on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price target on the stock. Cantor Fitzgerald upgraded RenaissanceRe to a "hold" rating in a report on Wednesday, August 13th. Wells Fargo & Company reaffirmed 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. UBS Group raised their price target 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. Finally, Keefe, Bruyette & Woods lifted their price target 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. Four investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $282.09.

RenaissanceRe Stock Performance

NYSE RNR traded up $1.75 during trading hours on Friday, reaching $246.29. The company's stock had a trading volume of 164,009 shares, compared to its average volume of 470,654. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The business has a 50-day simple moving average of $241.45 and a 200 day simple moving average of $241.43. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $300.00. The stock has a market cap of $11.59 billion, a PE ratio of 6.30, a PEG ratio of 2.34 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.96 billion. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The business's quarterly revenue was down 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $12.41 EPS. Equities research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The business 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. The ex-dividend date is Monday, September 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. RenaissanceRe's dividend payout ratio (DPR) is 4.09%.

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.