The Manufacturers Life Insurance Company Decreases Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

The Manufacturers Life Insurance Company lessened its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 2.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 42,905 shares of the insurance provider's stock after selling 1,245 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.08% of RenaissanceRe worth $10,675,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of RNR. MassMutual Private Wealth & Trust FSB raised its stake in shares of RenaissanceRe by 51.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider's stock valued at $30,000 after buying an additional 41 shares during the period. UMB Bank n.a. increased its holdings in RenaissanceRe by 40.0% in the 4th quarter. UMB Bank n.a. now owns 175 shares of the insurance provider's stock worth $44,000 after acquiring an additional 50 shares during the last quarter. Lifestyle Asset Management Inc. raised its stake in RenaissanceRe by 1.1% in the 4th quarter. Lifestyle Asset Management Inc. now owns 4,645 shares of the insurance provider's stock valued at $1,156,000 after acquiring an additional 52 shares during the period. AMG National Trust Bank lifted its holdings in RenaissanceRe by 1.3% during the fourth quarter. AMG National Trust Bank now owns 4,688 shares of the insurance provider's stock valued at $1,166,000 after purchasing an additional 59 shares during the last quarter. Finally, Principal Securities Inc. boosted its position in RenaissanceRe by 11.9% during the fourth quarter. Principal Securities Inc. now owns 565 shares of the insurance provider's stock worth $141,000 after purchasing an additional 60 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RNR. Keefe, Bruyette & Woods boosted their price target on shares of RenaissanceRe from $279.00 to $282.00 and gave the company an "outperform" rating in a research report on Tuesday, April 29th. Morgan Stanley upgraded RenaissanceRe from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $235.00 to $275.00 in a research report on Friday, April 25th. Wells Fargo & Company reduced their price target on RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Jefferies Financial Group decreased their price objective on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating on the stock in a research note on Friday, April 11th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $282.60.

RenaissanceRe Trading Up 2.5 %

Shares of RNR opened at $243.05 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. RenaissanceRe Holdings Ltd. has a 1-year low of $208.98 and a 1-year high of $300.00. The company has a market capitalization of $11.82 billion, a P/E ratio of 6.94, a P/E/G ratio of 2.09 and a beta of 0.34. The firm's 50 day simple moving average is $238.75 and its 200 day simple moving average is $250.70.

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

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.40 dividend. This is a boost from RenaissanceRe's previous quarterly dividend of $0.39. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.66%. The ex-dividend date of this dividend was Friday, March 14th. RenaissanceRe's dividend payout ratio is presently 5.10%.

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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