UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Grows Stake in RenaissanceRe Holdings Ltd. $RNR

Key Points

• UBS AM increased its stake in RenaissanceRe Holdings Ltd. by 5.2% in Q1, owning approximately 0.43% of the company, valued at $50.4 million.
• Despite a year-over-year revenue decline of 2.4%, RenaissanceRe reported $12.29 earnings per share for the latest quarter, exceeding analyst expectations.
• The company announced a quarterly dividend of $0.40 per share, reflecting an annualized dividend yield of 0.6% and an upcoming payment on September 30th.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 5.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 209,820 shares of the insurance provider's stock after purchasing an additional 10,344 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned about 0.43% of RenaissanceRe worth $50,357,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of RNR. Brooklyn Investment Group increased 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 purchasing an additional 88 shares in the last quarter. Tsfg LLC purchased a new stake in shares of RenaissanceRe during the first quarter worth about $40,000. LRI Investments LLC increased its stake in shares of RenaissanceRe by 116.5% during the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider's stock worth $63,000 after purchasing an additional 141 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of RenaissanceRe by 10.5% during the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider's stock worth $106,000 after purchasing an additional 42 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in shares of RenaissanceRe by 165.1% during the first quarter. UMB Bank n.a. now owns 464 shares of the insurance provider's stock worth $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.

RenaissanceRe Stock Performance

NYSE:RNR opened at $247.63 on Monday. 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 stock has a market capitalization of $11.66 billion, a P/E ratio of 6.33, a PEG ratio of 2.42 and a beta of 0.29. The company has a 50 day moving average price of $241.59 and a 200 day moving average price of $241.65. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm's quarterly revenue was down 2.4% on a year-over-year basis. During the same quarter last year, the company posted $12.41 EPS. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. RenaissanceRe's dividend payout ratio (DPR) is presently 4.09%.

Analyst Ratings Changes

Several analysts recently issued reports 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. Citigroup assumed coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They set a "buy" rating and a $288.00 price objective for the company. Morgan Stanley dropped their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $269.00 price objective (up previously from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. 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 assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $282.09.

RenaissanceRe 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.

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