Price T Rowe Associates Inc. MD Boosts Stock Position in RenaissanceRe Holdings Ltd. $RNR

Price T Rowe Associates Inc. MD lifted its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 37.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,496,035 shares of the insurance provider’s stock after purchasing an additional 676,125 shares during the quarter. Price T Rowe Associates Inc. MD owned 5.13% of RenaissanceRe worth $599,049,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of RNR. Boston Partners lifted its position in shares of RenaissanceRe by 4.6% during the first quarter. Boston Partners now owns 2,106,207 shares of the insurance provider’s stock worth $505,509,000 after purchasing an additional 92,825 shares during the last quarter. Polar Capital Holdings Plc lifted its position in shares of RenaissanceRe by 5.7% during the fourth quarter. Polar Capital Holdings Plc now owns 1,298,190 shares of the insurance provider’s stock worth $323,003,000 after purchasing an additional 69,884 shares during the last quarter. Cooke & Bieler LP lifted its position in shares of RenaissanceRe by 18.0% during the first quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider’s stock worth $299,458,000 after purchasing an additional 190,139 shares during the last quarter. Bank of America Corp DE increased its stake in shares of RenaissanceRe by 17.9% during the fourth quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider’s stock valued at $203,339,000 after buying an additional 124,125 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of RenaissanceRe by 15.3% during the first quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider’s stock valued at $183,175,000 after buying an additional 101,060 shares during the period. 99.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RNR. Barclays raised their price target on RenaissanceRe from $256.00 to $273.00 and gave the company an “equal weight” rating in a research note on Thursday, July 24th. Morgan Stanley cut their price target on RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating on the stock in a research note on Monday, July 14th. Cantor Fitzgerald upgraded RenaissanceRe to a “hold” rating in a research note on Wednesday, August 13th. Citigroup began coverage on RenaissanceRe in a research note on Wednesday, August 13th. They set a “buy” rating and a $288.00 price target on the stock. Finally, Wells Fargo & Company restated an “equal weight” rating and set a $269.00 price target (up previously from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $282.09.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $248.0210 on Friday. The company has a market capitalization of $11.67 billion, a PE ratio of 6.34, a P/E/G ratio of 2.44 and a beta of 0.29. 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 company has a 50-day simple moving average of $241.52 and a two-hundred day simple moving average of $240.45. RenaissanceRe Holdings Ltd. has a one year low of $219.00 and a one year high of $300.00.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, topping analysts’ consensus estimates of $10.28 by $2.01. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm’s revenue was down 2.4% on a year-over-year basis. During the same period in the previous year, the company posted $12.41 earnings per share. Research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.40 per share. The ex-dividend date is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. RenaissanceRe’s payout ratio is presently 4.09%.

About RenaissanceRe

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.