United Services Automobile Association Invests $797,000 in RenaissanceRe Holdings Ltd. $RNR

Key Points

• United Services Automobile Association has acquired a new position in RenaissanceRe Holdings Ltd., purchasing 3,288 shares valued at approximately $797,000.
• RenaissanceRe's recent quarterly earnings report revealed an EPS of $12.29, exceeding analysts' estimates of $10.28, though revenues declined 2.4% year-over-year.
• The company announced a quarterly dividend of $0.40, with a dividend yield of 0.7% and a payout ratio of 4.09%.

United Services Automobile Association acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,288 shares of the insurance provider's stock, valued at approximately $797,000.

Other large investors also recently modified their holdings of the company. Brooklyn Investment Group increased its position in shares of RenaissanceRe by 151.7% in the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 88 shares during the last quarter. Tsfg LLC purchased a new position in shares of RenaissanceRe in the 1st quarter valued at $40,000. LRI Investments LLC grew its position in shares of 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 buying an additional 141 shares during the last quarter. Advisors Asset Management Inc. grew its position in shares of 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 buying an additional 42 shares during the last quarter. Finally, UMB Bank n.a. grew its position in shares of 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 buying an additional 289 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Citigroup assumed coverage on shares of RenaissanceRe in a research report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 target price on the stock. Barclays increased their target price on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research report on Thursday, July 24th. Morgan Stanley dropped their target price on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research report on Monday, July 14th. UBS Group increased their target price on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, 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. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $282.09.

RenaissanceRe Stock Performance

RenaissanceRe stock traded up $3.09 during midday trading on Friday, hitting $247.63. 460,105 shares of the company's stock were exchanged, compared to its average volume of 346,746. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $300.00. 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 cap of $11.66 billion, a price-to-earnings ratio of 6.33, a price-to-earnings-growth ratio of 2.42 and a beta of 0.29. The firm's 50 day simple moving average is $241.59 and its 200 day simple moving average is $241.65.

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

RenaissanceRe Announces Dividend

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 paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, September 15th. 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.