GAMMA Investing LLC Raises Holdings in RenaissanceRe Holdings Ltd. $RNR

GAMMA Investing LLC grew its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 15.2% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,901 shares of the insurance provider’s stock after buying an additional 251 shares during the quarter. GAMMA Investing LLC’s holdings in RenaissanceRe were worth $462,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in RenaissanceRe by 37.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider’s stock valued at $599,049,000 after acquiring an additional 676,125 shares in the last quarter. Boston Partners raised its holdings in shares of RenaissanceRe by 4.6% in the 1st quarter. Boston Partners now owns 2,106,207 shares of the insurance provider’s stock valued at $505,509,000 after purchasing an additional 92,825 shares in the last quarter. Cooke & Bieler LP raised its holdings in shares of RenaissanceRe by 18.0% in the 1st quarter. Cooke & Bieler LP now owns 1,247,742 shares of the insurance provider’s stock valued at $299,458,000 after purchasing an additional 190,139 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of RenaissanceRe by 15.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider’s stock worth $183,175,000 after purchasing an additional 101,060 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its stake in shares of RenaissanceRe by 15.2% during the first quarter. Lord Abbett & CO. LLC now owns 466,823 shares of the insurance provider’s stock worth $112,038,000 after purchasing an additional 61,465 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Down 1.1%

RNR stock opened at $247.72 on Friday. The company has a market cap of $11.66 billion, a price-to-earnings ratio of 6.33, a price-to-earnings-growth ratio of 2.45 and a beta of 0.29. The company has a fifty day moving average price of $242.44 and a 200 day moving average price of $241.74. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.36 and a quick ratio of 1.36. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00.

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

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.40 dividend. The ex-dividend date of this dividend 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%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods raised their price target on RenaissanceRe from $268.00 to $269.00 and gave the company a “market perform” rating in a research note on Monday, July 28th. Wells Fargo & Company reissued an “equal weight” rating and set a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Citigroup started coverage on RenaissanceRe in a research note on Wednesday, August 13th. They set a “buy” rating and a $288.00 target price for the company. Barclays increased their price target on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an “equal weight” rating in a research note on Thursday, July 24th. Finally, Wolfe Research began coverage on shares of RenaissanceRe in a report on Monday, September 15th. They set a “peer perform” rating on the stock. Four analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $282.09.

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.