Alliancebernstein L.P. Decreases Stake in RenaissanceRe Holdings Ltd. $RNR

Alliancebernstein L.P. cut its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 69,872 shares of the insurance provider’s stock after selling 2,725 shares during the period. Alliancebernstein L.P.’s holdings in RenaissanceRe were worth $16,769,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Brooklyn Investment Group lifted its stake in RenaissanceRe by 151.7% during the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 88 shares during the period. Tsfg LLC bought a new stake in shares of RenaissanceRe in the first quarter worth approximately $40,000. LRI Investments LLC raised its holdings in shares of RenaissanceRe by 116.5% during the first quarter. LRI Investments LLC now owns 262 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 141 shares during the last quarter. Advisors Asset Management Inc. lifted its position in RenaissanceRe by 10.5% during the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock valued at $106,000 after purchasing an additional 42 shares during the period. Finally, UMB Bank n.a. boosted its holdings in RenaissanceRe by 165.1% in the first quarter. UMB Bank n.a. now owns 464 shares of the insurance provider’s stock worth $111,000 after purchasing an additional 289 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Stock Performance

NYSE:RNR opened at $244.57 on Friday. The stock has a 50-day moving average price of $241.45 and a 200 day moving average price of $241.43. The stock has a market capitalization of $11.51 billion, a P/E ratio of 6.25, a P/E/G ratio of 2.34 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $300.00. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23.

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

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.09%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RNR shares. Citigroup assumed coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They set a “buy” rating and a $288.00 target price for the company. Cantor Fitzgerald raised RenaissanceRe to a “hold” rating in a report on Wednesday, August 13th. Wells Fargo & Company reissued an “equal weight” rating and issued a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Keefe, Bruyette & Woods raised their target price on RenaissanceRe from $268.00 to $269.00 and gave the stock a “market perform” rating in a research report on Monday, July 28th. Finally, Barclays upped their price target on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an “equal weight” rating in a research report on Thursday, July 24th. Four analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and an average target price 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.