Massachusetts Financial Services Co. MA Raises Stock Position in RenaissanceRe Holdings Ltd. $RNR

Massachusetts Financial Services Co. MA increased its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 61.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 37,853 shares of the insurance provider’s stock after purchasing an additional 14,416 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.08% of RenaissanceRe worth $10,643,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Capital World Investors boosted its holdings in RenaissanceRe by 0.3% in the third quarter. Capital World Investors now owns 2,649,518 shares of the insurance provider’s stock worth $672,792,000 after purchasing an additional 7,839 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of RenaissanceRe by 4.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,001,410 shares of the insurance provider’s stock worth $254,273,000 after acquiring an additional 45,936 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of RenaissanceRe by 17.6% during the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock worth $195,182,000 after acquiring an additional 120,063 shares during the last quarter. Invesco Ltd. boosted its stake in shares of RenaissanceRe by 6.2% during the 3rd quarter. Invesco Ltd. now owns 618,974 shares of the insurance provider’s stock worth $157,176,000 after acquiring an additional 36,254 shares during the last quarter. Finally, Great Lakes Advisors LLC boosted its stake in shares of RenaissanceRe by 12.2% during the 3rd quarter. Great Lakes Advisors LLC now owns 490,283 shares of the insurance provider’s stock worth $124,498,000 after acquiring an additional 53,303 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Up 1.1%

RNR opened at $314.06 on Friday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.43 and a current ratio of 1.43. RenaissanceRe Holdings Ltd. has a fifty-two week low of $222.75 and a fifty-two week high of $315.88. The firm’s fifty day moving average is $299.64 and its 200 day moving average is $278.34. The stock has a market cap of $13.55 billion, a price-to-earnings ratio of 5.54, a price-to-earnings-growth ratio of 0.72 and a beta of 0.24.

RenaissanceRe (NYSE:RNR) last released its earnings results on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, beating analysts’ consensus estimates of $10.59 by $2.75. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the previous year, the company earned $8.06 EPS. RenaissanceRe’s revenue for the quarter was up 29.6% on a year-over-year basis. On average, 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 announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were paid a dividend of $0.41 per share. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, March 13th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio is presently 2.89%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RNR. Wall Street Zen upgraded shares of RenaissanceRe from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. The Goldman Sachs Group reiterated a “sell” rating and set a $267.00 price target on shares of RenaissanceRe in a research note on Wednesday, January 7th. Keefe, Bruyette & Woods lifted their price target on shares of RenaissanceRe from $323.00 to $327.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 7th. Bank of America dropped their price target on shares of RenaissanceRe to $426.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Evercore set a $309.00 price target on shares of RenaissanceRe in a research note on Thursday, April 9th. Four analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $322.64.

Insider Buying and Selling at RenaissanceRe

In related news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction on Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president owned 73,023 shares in the company, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.