Principal Financial Group Inc. Boosts Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Principal Financial Group Inc. lifted its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 193,146 shares of the insurance provider's stock after acquiring an additional 3,797 shares during the quarter. Principal Financial Group Inc. owned approximately 0.38% of RenaissanceRe worth $37,857,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Qsemble Capital Management LP lifted its holdings in RenaissanceRe by 10.5% during the 4th quarter. Qsemble Capital Management LP now owns 1,444 shares of the insurance provider's stock worth $283,000 after buying an additional 137 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in RenaissanceRe by 24.6% during the 4th quarter. BNP Paribas Financial Markets now owns 8,627 shares of the insurance provider's stock worth $1,691,000 after buying an additional 1,704 shares in the last quarter. Versor Investments LP acquired a new position in RenaissanceRe during the 4th quarter worth $314,000. Principal Securities Inc. acquired a new position in RenaissanceRe during the 4th quarter worth $89,000. Finally, Pacific Capital Wealth Advisors Inc. acquired a new position in RenaissanceRe during the 4th quarter worth $60,000. 99.97% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RNR has been the topic of several research reports. UBS Group upped their price objective on RenaissanceRe from $229.00 to $238.00 and gave the stock a "neutral" rating in a report on Monday, February 5th. Evercore ISI increased their price target on RenaissanceRe from $216.00 to $218.00 and gave the company an "underperform" rating in a research note on Wednesday, May 1st. JPMorgan Chase & Co. increased their price target on RenaissanceRe from $237.00 to $245.00 and gave the company a "neutral" rating in a research note on Wednesday, May 1st. Finally, BMO Capital Markets increased their price target on RenaissanceRe from $216.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, February 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $249.00.

RenaissanceRe Trading Up 1.1 %

Shares of RNR traded up $2.39 during trading hours on Friday, reaching $229.24. The stock had a trading volume of 178,832 shares, compared to its average volume of 355,993. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 52 week low of $174.22 and a 52 week high of $239.42. The firm has a 50-day moving average of $226.21 and a 200 day moving average of $216.97. The company has a market cap of $12.12 billion, a P/E ratio of 5.06, a P/E/G ratio of 1.92 and a beta of 0.31.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, beating analysts' consensus estimates of $9.86 by $2.32. The business had revenue of $3.20 billion during the quarter, compared to analysts' expectations of $3.05 billion. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. The firm's quarterly revenue was up 41.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $8.16 EPS. On average, sell-side analysts expect that RenaissanceRe Holdings Ltd. will post 36.72 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.68%. The ex-dividend date of this dividend is Friday, June 14th. RenaissanceRe's dividend payout ratio (DPR) is presently 3.45%.

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.