Northern Trust Corp Raises Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Northern Trust Corp grew its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 8.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 559,805 shares of the insurance provider’s stock after acquiring an additional 42,385 shares during the period. Northern Trust Corp’s holdings in RenaissanceRe were worth $139,285,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in RNR. Impax Asset Management Group plc boosted its stake in RenaissanceRe by 10.8% in the 4th quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock worth $466,969,000 after purchasing an additional 182,530 shares during the period. Trexquant Investment LP purchased a new position in shares of RenaissanceRe in the fourth quarter worth $561,000. Barclays PLC boosted its position in shares of RenaissanceRe by 57.1% during the third quarter. Barclays PLC now owns 22,923 shares of the insurance provider’s stock worth $6,244,000 after acquiring an additional 8,333 shares during the last quarter. Franklin Resources Inc. purchased a new position in RenaissanceRe during the fourth quarter valued at $1,086,000. Finally, Proficio Capital Partners LLC bought a new stake in RenaissanceRe in the 4th quarter valued at $7,986,000. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Up 2.5 %

Shares of NYSE:RNR opened at $243.05 on Friday. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. The business’s 50 day moving average is $238.75 and its 200 day moving average is $251.10. The stock has a market cap of $11.91 billion, a P/E ratio of 6.94, a price-to-earnings-growth ratio of 2.09 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 52-week low of $208.98 and a 52-week high of $300.00.

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

RenaissanceRe Increases Dividend

The company also recently declared 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 was Friday, March 14th. RenaissanceRe’s dividend payout ratio (DPR) is currently 5.10%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Bank of America cut their price objective on RenaissanceRe from $437.00 to $426.00 and set a “buy” rating for the company in a research report on Wednesday, March 26th. Barclays reduced 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. Wells Fargo & Company cut their target price on shares of RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating for the company in a report on Thursday, April 10th. Jefferies Financial Group decreased their price target on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Finally, Morgan Stanley raised RenaissanceRe from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $235.00 to $275.00 in a research note on Friday, April 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $282.60.

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.