T. Rowe Price Investment Management Inc. Sells 81,562 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• T. Rowe Price Investment Management Inc. reduced its stake in RenaissanceRe Holdings Ltd. by 35.4%, owning approximately 0.31% of the company worth $35.67 million after selling over 81,000 shares.
• The company recently reported earnings of $12.29 per share, exceeding estimates, despite a 2.4% decline in revenue compared to the previous year.
• RenaissanceRe has announced a quarterly dividend of $0.40 per share, with an upcoming payment date of September 30th, representing a 0.6% annual yield.

T. Rowe Price Investment Management Inc. lessened its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 35.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 148,621 shares of the insurance provider's stock after selling 81,562 shares during the period. T. Rowe Price Investment Management Inc. owned about 0.31% of RenaissanceRe worth $35,670,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Boston Partners lifted its stake in shares of RenaissanceRe by 4.6% in the 1st quarter. Boston Partners now owns 2,106,207 shares of the insurance provider's stock valued at $505,509,000 after acquiring an additional 92,825 shares during the last quarter. Polar Capital Holdings Plc raised its position in RenaissanceRe by 5.7% during the 4th quarter. Polar Capital Holdings Plc now owns 1,298,190 shares of the insurance provider's stock valued at $323,003,000 after purchasing an additional 69,884 shares during the last quarter. Cooke & Bieler LP raised its position in RenaissanceRe by 18.0% during the 1st quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider's stock valued at $299,458,000 after purchasing an additional 190,139 shares during the last quarter. Bank of America Corp DE raised its position in RenaissanceRe by 17.9% during the 4th quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock valued at $203,339,000 after purchasing an additional 124,125 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in RenaissanceRe by 15.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider's stock valued at $183,175,000 after purchasing an additional 101,060 shares during the last quarter. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Up 0.4%

Shares of NYSE:RNR traded up $0.98 during trading on Friday, hitting $242.39. The stock had a trading volume of 45,149 shares, compared to its average volume of 474,741. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The company has a market capitalization of $11.41 billion, a PE ratio of 6.19, a PEG ratio of 2.39 and a beta of 0.29. The firm's fifty day moving average is $241.41 and its 200 day moving average is $240.64. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (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 firm had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same quarter in the prior year, the company earned $12.41 EPS. The business's revenue was down 2.4% compared to the same quarter last year. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The company also recently announced 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. 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 dividend payout ratio is currently 4.09%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Citigroup assumed coverage on RenaissanceRe in a research report on Wednesday, August 13th. They set a "buy" rating and a $288.00 price target for the company. Keefe, Bruyette & Woods upped 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. Morgan Stanley lowered their price target on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research report on Monday, July 14th. Cantor Fitzgerald raised RenaissanceRe to a "hold" rating in a research report on Wednesday, August 13th. Finally, Barclays upped their price target on RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. Four equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price 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.