ARGA Investment Management LP Cuts Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

ARGA Investment Management LP lessened its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 99.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,055 shares of the insurance provider’s stock after selling 731,334 shares during the quarter. ARGA Investment Management LP’s holdings in RenaissanceRe were worth $1,187,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Personalized Indexing Management LLC grew its stake in RenaissanceRe by 1.7% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 3,557 shares of the insurance provider’s stock worth $704,000 after purchasing an additional 59 shares in the last quarter. Xponance Inc. grew its stake in RenaissanceRe by 1.1% during the 4th quarter. Xponance Inc. now owns 7,676 shares of the insurance provider’s stock worth $1,504,000 after purchasing an additional 86 shares in the last quarter. Nordea Investment Management AB grew its stake in RenaissanceRe by 0.5% during the 3rd quarter. Nordea Investment Management AB now owns 16,652 shares of the insurance provider’s stock worth $3,352,000 after purchasing an additional 89 shares in the last quarter. Aviva PLC grew its stake in RenaissanceRe by 5.8% during the 3rd quarter. Aviva PLC now owns 1,790 shares of the insurance provider’s stock worth $354,000 after purchasing an additional 98 shares in the last quarter. Finally, Qsemble Capital Management LP grew its stake in RenaissanceRe by 10.5% during the 4th quarter. Qsemble Capital Management LP now owns 1,444 shares of the insurance provider’s stock worth $283,000 after purchasing an additional 137 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Performance

RenaissanceRe stock traded up $4.00 during trading hours on Thursday, reaching $226.85. 239,405 shares of the stock were exchanged, compared to its average volume of 357,858. The stock has a market cap of $12.00 billion, a P/E ratio of 4.93, a P/E/G ratio of 1.94 and a beta of 0.31. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.41 and a current ratio of 1.41. RenaissanceRe Holdings Ltd. has a 52-week low of $174.22 and a 52-week high of $239.42. The firm’s 50 day moving average is $226.25 and its 200 day moving average is $216.78.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, topping analysts’ consensus estimates of $9.86 by $2.32. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.05 billion. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. RenaissanceRe’s quarterly revenue was up 41.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $8.16 EPS. Analysts predict that RenaissanceRe Holdings Ltd. will post 36.42 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.39 per share. The ex-dividend date is Friday, June 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.69%. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RNR. BMO Capital Markets upped their price objective on RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a research report on Monday, February 5th. Evercore ISI upped their target price on RenaissanceRe from $216.00 to $218.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. UBS Group upped their target price on RenaissanceRe from $229.00 to $238.00 and gave the company a “neutral” rating in a research report on Monday, February 5th. Finally, JPMorgan Chase & Co. upped their target price on RenaissanceRe from $237.00 to $245.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $249.00.

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.