RenaissanceRe Holdings Ltd. $RNR Holdings Raised by ARGA Investment Management LP

ARGA Investment Management LP boosted its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 85.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,979 shares of the insurance provider’s stock after acquiring an additional 5,044 shares during the period. ARGA Investment Management LP’s holdings in RenaissanceRe were worth $2,788,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Exchange Traded Concepts LLC grew its position in RenaissanceRe by 1.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 3,355 shares of the insurance provider’s stock valued at $852,000 after buying an additional 40 shares in the last quarter. Benedict Financial Advisors Inc. lifted its stake in RenaissanceRe by 0.3% during the second quarter. Benedict Financial Advisors Inc. now owns 12,577 shares of the insurance provider’s stock valued at $3,055,000 after buying an additional 42 shares in the last quarter. Miracle Mile Advisors LLC boosted its stake in RenaissanceRe by 3.8% in the 3rd quarter. Miracle Mile Advisors LLC now owns 1,257 shares of the insurance provider’s stock worth $319,000 after purchasing an additional 46 shares during the period. Rossby Financial LCC boosted its position in RenaissanceRe by 6.2% during the 2nd quarter. Rossby Financial LCC now owns 845 shares of the insurance provider’s stock worth $205,000 after acquiring an additional 49 shares during the period. Finally, Huntington National Bank increased its stake in RenaissanceRe by 80.9% in the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after buying an additional 55 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of RNR opened at $273.54 on Friday. The stock has a market capitalization of $12.61 billion, a P/E ratio of 7.60, a P/E/G ratio of 2.85 and a beta of 0.26. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $285.26. The company has a 50 day moving average of $270.97 and a 200-day moving average of $255.67. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, topping analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The business had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the company earned $10.23 earnings per share. The firm’s revenue for the quarter was down 4.8% on a year-over-year basis. As a group, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Monday, December 15th. RenaissanceRe’s dividend payout ratio is 4.45%.

Analyst Upgrades and Downgrades

RNR has been the topic of a number of research reports. Wells Fargo & Company cut their price objective on shares of RenaissanceRe from $285.00 to $281.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 13th. Evercore ISI boosted their price target on RenaissanceRe from $250.00 to $283.00 and gave the company an “in-line” rating in a research note on Wednesday, January 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. UBS Group boosted their price target on RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a research note on Wednesday, October 8th. Finally, Cantor Fitzgerald boosted their target price on RenaissanceRe from $252.00 to $282.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Five analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, RenaissanceRe currently has a consensus rating of “Hold” and a consensus target price of $298.07.

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.