Quantitative Systematic Strategies LLC grew its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 102.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 7,496 shares of the insurance provider’s stock after purchasing an additional 3,797 shares during the quarter. Quantitative Systematic Strategies LLC’s holdings in RenaissanceRe were worth $1,076,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. Retirement Systems of Alabama boosted its stake in RenaissanceRe by 5.2% during the 1st quarter. Retirement Systems of Alabama now owns 54,943 shares of the insurance provider’s stock worth $7,884,000 after acquiring an additional 2,735 shares during the last quarter. Louisiana State Employees Retirement System boosted its stake in RenaissanceRe by 5.6% during the 1st quarter. Louisiana State Employees Retirement System now owns 11,300 shares of the insurance provider’s stock worth $1,622,000 after acquiring an additional 600 shares during the last quarter. 6 Meridian bought a new position in RenaissanceRe during the 1st quarter worth approximately $516,000. State of Alaska Department of Revenue boosted its stake in RenaissanceRe by 3.4% during the 1st quarter. State of Alaska Department of Revenue now owns 9,302 shares of the insurance provider’s stock worth $1,333,000 after acquiring an additional 307 shares during the last quarter. Finally, Dalton Greiner Hartman Maher & Co. bought a new position in RenaissanceRe during the 1st quarter worth approximately $12,828,000. 95.72% of the stock is currently owned by institutional investors and hedge funds.
RNR has been the topic of several research analyst reports. Barclays raised their target price on shares of RenaissanceRe from $125.00 to $130.00 and gave the stock an “underweight” rating in a report on Monday, April 1st. Zacks Investment Research downgraded shares of RenaissanceRe from a “hold” rating to a “sell” rating in a report on Wednesday, January 2nd. TheStreet upgraded shares of RenaissanceRe from a “c+” rating to a “b” rating in a report on Thursday, February 7th. Bank of America downgraded shares of RenaissanceRe from a “neutral” rating to an “underperform” rating in a report on Wednesday, January 16th. Finally, Wells Fargo & Co reiterated a “hold” rating and issued a $125.00 price objective on shares of RenaissanceRe in a report on Tuesday, January 29th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. RenaissanceRe currently has a consensus rating of “Hold” and a consensus price target of $146.36.
NYSE RNR opened at $154.35 on Wednesday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.71 and a current ratio of 1.71. RenaissanceRe Holdings Ltd. has a 12-month low of $117.35 and a 12-month high of $152.80. The company has a market capitalization of $6.43 billion, a PE ratio of 16.83, a price-to-earnings-growth ratio of 1.39 and a beta of 0.49.
RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, January 29th. The insurance provider reported $0.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($1.93) by $1.95. The business had revenue of $633.44 million for the quarter, compared to the consensus estimate of $545.60 million. RenaissanceRe had a net margin of 10.96% and a return on equity of 9.18%. On average, analysts predict that RenaissanceRe Holdings Ltd. will post 11.51 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 0.88%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.33. The ex-dividend date was Thursday, March 14th. RenaissanceRe’s payout ratio is presently 14.83%.
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RenaissanceRe Company Profile
RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including earthquakes, hurricanes, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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, and binding facilities and regional U.S.
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