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

ARGA Investment Management LP lessened its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 10.0% during the 1st quarter, Holdings Channel reports. The firm owned 5,450 shares of the insurance provider’s stock after selling 605 shares during the quarter. ARGA Investment Management LP’s holdings in RenaissanceRe were worth $1,281,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Riverview Trust Co purchased a new stake in shares of RenaissanceRe in the 1st quarter valued at $26,000. Rise Advisors LLC purchased a new stake in RenaissanceRe during the first quarter worth $31,000. Mather Group LLC. purchased a new stake in RenaissanceRe during the first quarter worth $34,000. GAMMA Investing LLC acquired a new position in RenaissanceRe during the fourth quarter worth $37,000. Finally, Bruce G. Allen Investments LLC acquired a new position in RenaissanceRe during the fourth quarter worth $38,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Trading Down 1.4 %

RNR stock traded down $3.13 during mid-day trading on Wednesday, hitting $226.35. 72,280 shares of the company were exchanged, compared to its average volume of 333,981. The business has a fifty day simple moving average of $224.43 and a 200-day simple moving average of $220.05. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 12-month low of $174.22 and a 12-month high of $239.42. The firm has a market capitalization of $11.97 billion, a P/E ratio of 4.98, a PEG ratio of 1.51 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, beating the consensus estimate of $9.86 by $2.32. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.05 billion. During the same quarter last year, the firm posted $8.16 earnings per share. The business’s revenue for the quarter was up 41.3% compared to the same quarter last year. On average, equities research analysts predict that RenaissanceRe Holdings Ltd. will post 37.22 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.69%. The ex-dividend date of this dividend is Friday, June 14th. RenaissanceRe’s payout ratio is 3.45%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of RenaissanceRe from $237.00 to $245.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 1st. Evercore ISI increased their target price on shares of RenaissanceRe from $216.00 to $218.00 and gave the company an “underperform” 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 four have assigned a buy rating to the company’s stock. According to data from MarketBeat, RenaissanceRe has an average rating of “Hold” and an average price target of $249.00.

RenaissanceRe Profile

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.