Brandywine Global Investment Management LLC trimmed its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 35.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 92,644 shares of the insurance provider’s stock after selling 51,328 shares during the quarter. Brandywine Global Investment Management LLC owned approximately 0.23% of RenaissanceRe worth $11,636,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of RNR. BlackRock Inc. boosted its stake in shares of RenaissanceRe by 18.9% during the 4th quarter. BlackRock Inc. now owns 4,638,743 shares of the insurance provider’s stock worth $582,578,000 after acquiring an additional 736,689 shares during the period. TimesSquare Capital Management LLC lifted its holdings in RenaissanceRe by 57.1% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,137,800 shares of the insurance provider’s stock worth $142,896,000 after purchasing an additional 413,700 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in RenaissanceRe by 21.8% during the 4th quarter. Renaissance Technologies LLC now owns 868,115 shares of the insurance provider’s stock worth $109,027,000 after purchasing an additional 155,100 shares during the last quarter. Cooke & Bieler LP lifted its holdings in RenaissanceRe by 14.0% during the 4th quarter. Cooke & Bieler LP now owns 1,069,280 shares of the insurance provider’s stock worth $134,291,000 after purchasing an additional 130,908 shares during the last quarter. Finally, ARGA Investment Management LP lifted its holdings in RenaissanceRe by 799.4% during the 4th quarter. ARGA Investment Management LP now owns 111,351 shares of the insurance provider’s stock worth $13,985,000 after purchasing an additional 98,971 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.
Several research firms recently weighed in on RNR. Wells Fargo & Co reissued a “market perform” rating and set a $125.00 price target (down from $140.00) on shares of RenaissanceRe in a report on Tuesday, January 9th. Zacks Investment Research raised RenaissanceRe from a “sell” rating to a “hold” rating in a report on Tuesday, February 6th. Finally, Citigroup set a $152.00 price objective on RenaissanceRe and gave the company a “buy” rating in a report on Friday, February 9th. One analyst has rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $145.88.
RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.29. The company had revenue of $288.22 million for the quarter, compared to the consensus estimate of $227.65 million. RenaissanceRe had a negative return on equity of 7.68% and a negative net margin of 10.57%. The firm’s revenue was up 31.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.66 EPS. equities research analysts expect that RenaissanceRe Holdings Ltd. will post 9.95 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.97%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.32. The ex-dividend date of this dividend is Wednesday, March 14th. RenaissanceRe’s payout ratio is currently -20.16%.
COPYRIGHT VIOLATION WARNING: This news story was originally reported by American Banking News and is the sole property of of American Banking News. If you are accessing this news story on another publication, it was illegally copied and reposted in violation of US and international trademark and copyright law. The legal version of this news story can be accessed at https://www.americanbankingnews.com/2018/03/13/brandywine-global-investment-management-llc-has-11-64-million-holdings-in-renaissancere-holdings-ltd-rnr.html.
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
Want to see what other hedge funds are holding RNR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RenaissanceRe Holdings Ltd. (NYSE:RNR).
Receive News & Ratings for RenaissanceRe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RenaissanceRe and related companies with MarketBeat.com's FREE daily email newsletter.