Zweig DiMenna Associates LLC Makes New $11.14 Million Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Key Points

• Zweig DiMenna Associates LLC acquired 46,400 shares of RenaissanceRe Holdings Ltd., valued at approximately $11.1 million, making it the firm's 21st largest position.
• Analysts have varied opinions on RenaissanceRe, with price targets ranging from $256.00 to $289.89, and the company currently holding an average rating of "Hold."
• RenaissanceRe recently announced a quarterly dividend of $0.40, with an annualized yield of 0.67%, and has a dividend payout ratio of 5.10%.

Zweig DiMenna Associates LLC acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 46,400 shares of the insurance provider's stock, valued at approximately $11,136,000. RenaissanceRe accounts for approximately 1.8% of Zweig DiMenna Associates LLC's portfolio, making the stock its 21st biggest holding. Zweig DiMenna Associates LLC owned approximately 0.10% of RenaissanceRe at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bessemer Group Inc. boosted its stake in shares of RenaissanceRe by 5.8% during the 4th quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider's stock valued at $274,000 after purchasing an additional 61 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of RenaissanceRe by 1.2% during the 1st quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock valued at $1,584,000 after purchasing an additional 79 shares in the last quarter. Seeds Investor LLC boosted its stake in shares of RenaissanceRe by 6.3% during the 4th quarter. Seeds Investor LLC now owns 1,385 shares of the insurance provider's stock valued at $344,000 after purchasing an additional 82 shares in the last quarter. QRG Capital Management Inc. boosted its stake in shares of RenaissanceRe by 5.7% during the 1st quarter. QRG Capital Management Inc. now owns 1,642 shares of the insurance provider's stock valued at $394,000 after purchasing an additional 88 shares in the last quarter. Finally, Rehmann Capital Advisory Group boosted its stake in shares of RenaissanceRe by 10.0% during the 4th quarter. Rehmann Capital Advisory Group now owns 1,027 shares of the insurance provider's stock valued at $243,000 after purchasing an additional 93 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Up 3.4%

Shares of RNR stock traded up $8.18 during mid-day trading on Friday, hitting $247.18. The company's stock had a trading volume of 947,140 shares, compared to its average volume of 485,375. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The business has a 50-day moving average price of $242.35 and a 200 day moving average price of $241.41. 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 $12.03 billion, a price-to-earnings ratio of 6.32, a PEG ratio of 2.89 and a beta of 0.30.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share 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 analysts' expectations of $2.96 billion. During the same quarter in the previous year, the business earned $12.41 earnings per share. The company's revenue was down 2.4% on a year-over-year basis. Research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, June 13th. This represents a $1.60 annualized dividend and a dividend yield of 0.65%. RenaissanceRe's payout ratio is 4.09%.

Insider Buying and Selling at RenaissanceRe

In other news, CAO James Christopher Fraser sold 332 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $249.54, for a total transaction of $82,847.28. Following the completion of the transaction, the chief accounting officer directly owned 27,154 shares of the company's stock, valued at $6,776,009.16. The trade was a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $268.00 price objective (down previously from $282.00) on shares of RenaissanceRe in a research note on Wednesday, July 9th. Morgan Stanley dropped their price objective on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Barclays boosted their price objective on shares of RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a research note on Thursday. JPMorgan Chase & Co. raised shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price objective on the stock in a research note on Tuesday, April 8th. Finally, JMP Securities reissued a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $289.89.

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.