Strs Ohio Takes Position in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Strs Ohio has acquired a new stake in RenaissanceRe Holdings, purchasing 27,200 shares valued at approximately $6.5 million, which represents about 0.06% of the company.
• RenaissanceRe reported earnings of $12.29 per share for the last quarter, exceeding expectations, although revenues were down 2.4% year-over-year.
• The company has announced a quarterly dividend of $0.40 per share, with a yield of 0.6%, reflecting a payout ratio of 4.09%.

Strs Ohio bought a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 27,200 shares of the insurance provider's stock, valued at approximately $6,528,000. Strs Ohio owned about 0.06% of RenaissanceRe at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in RNR. Brooklyn Investment Group boosted its stake 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 buying an additional 88 shares during the period. Tsfg LLC purchased a new position in RenaissanceRe in the 1st quarter valued at approximately $40,000. LRI Investments LLC increased its stake in RenaissanceRe by 116.5% in the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock valued at $63,000 after purchasing an additional 141 shares in the last quarter. Advisors Asset Management Inc. increased its stake in RenaissanceRe by 10.5% in the 1st quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider's stock valued at $106,000 after purchasing an additional 42 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in RenaissanceRe by 165.1% in the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock valued at $111,000 after purchasing an additional 289 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on RNR shares. Cantor Fitzgerald upgraded RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Wells Fargo & Company restated an "equal weight" rating and set a $269.00 price objective (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Citigroup started coverage on RenaissanceRe in a research report on Wednesday, August 13th. They set a "buy" rating and a $288.00 price objective for the company. Morgan Stanley cut their price objective on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research report on Monday, July 14th. Finally, Keefe, Bruyette & Woods lifted their price objective on RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. Four equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $282.09.

RenaissanceRe Trading Up 0.0%

RNR traded up $0.08 during trading on Friday, hitting $242.58. The company's stock had a trading volume of 1,543,426 shares, compared to its average volume of 376,981. The firm's 50 day moving average price is $241.82 and its 200-day moving average price is $241.65. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. The stock has a market cap of $11.42 billion, a PE ratio of 6.20, a PEG ratio of 2.38 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, beating 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 company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the previous year, the firm posted $12.41 EPS. RenaissanceRe's revenue was down 2.4% on a year-over-year basis. On average, analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current 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 paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. RenaissanceRe's payout ratio is currently 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.