T. Rowe Price Investment Management Inc. Sells 24,294 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

T. Rowe Price Investment Management Inc. cut its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 9.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 230,183 shares of the insurance provider's stock after selling 24,294 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 0.44% of RenaissanceRe worth $57,272,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of RNR. Barclays PLC lifted its stake in RenaissanceRe by 57.1% in the 3rd quarter. Barclays PLC now owns 22,923 shares of the insurance provider's stock valued at $6,244,000 after acquiring an additional 8,333 shares in the last quarter. World Investment Advisors LLC bought a new stake in RenaissanceRe in the 3rd quarter valued at approximately $16,176,000. Wilmington Savings Fund Society FSB bought a new stake in RenaissanceRe in the 3rd quarter valued at approximately $405,000. Tidal Investments LLC raised its stake in shares of RenaissanceRe by 2.6% during the 3rd quarter. Tidal Investments LLC now owns 9,236 shares of the insurance provider's stock worth $2,516,000 after purchasing an additional 232 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of RenaissanceRe by 22.9% during the 4th quarter. GAMMA Investing LLC now owns 1,179 shares of the insurance provider's stock worth $293,000 after purchasing an additional 220 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Stock Performance

NYSE:RNR traded down $3.09 during mid-day trading on Thursday, reaching $238.84. 130,275 shares of the company's stock were exchanged, compared to its average volume of 426,443. RenaissanceRe Holdings Ltd. has a one year low of $208.98 and a one year high of $300.00. The firm has a market capitalization of $11.70 billion, a PE ratio of 6.83, a price-to-earnings-growth ratio of 2.09 and a beta of 0.29. The business's fifty day simple moving average is $238.37 and its two-hundred day simple moving average is $251.60. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) EPS for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.17). RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.36 billion. During the same period in the prior year, the business posted $12.18 earnings per share. RenaissanceRe's revenue was up 7.6% compared to the same quarter last year. Analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.67%. This is a positive change from RenaissanceRe's previous quarterly dividend of $0.39. The ex-dividend date of this dividend was Friday, March 14th. RenaissanceRe's dividend payout ratio (DPR) is currently 5.10%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Barclays dropped their price objective on RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating on the stock in a research note on Friday, April 11th. Bank of America cut their price target on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a report on Wednesday, March 26th. JPMorgan Chase & Co. upgraded shares of RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price objective on the stock in a report on Tuesday, April 8th. Keefe, Bruyette & Woods raised their target price on shares of RenaissanceRe from $279.00 to $282.00 and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Morgan Stanley upgraded shares of RenaissanceRe from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $235.00 to $275.00 in a research note on Friday, April 25th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $282.60.

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.