ARGA Investment Management LP Buys 5,044 Shares of RenaissanceRe Holdings Ltd. $RNR

ARGA Investment Management LP increased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 85.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,979 shares of the insurance provider’s stock after acquiring an additional 5,044 shares during the quarter. ARGA Investment Management LP’s holdings in RenaissanceRe were worth $2,788,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Hantz Financial Services Inc. raised its holdings in shares of RenaissanceRe by 707.1% during the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 99 shares during the last quarter. Financial Consulate Inc. purchased a new position in RenaissanceRe in the 3rd quarter valued at about $29,000. IFP Advisors Inc grew its holdings in shares of RenaissanceRe by 160.0% during the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after buying an additional 72 shares in the last quarter. Huntington National Bank lifted its stake in RenaissanceRe by 80.9% in the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 55 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in RenaissanceRe by 151.9% during the third quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after buying an additional 79 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Up 0.7%

Shares of NYSE:RNR opened at $273.54 on Friday. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $285.26. The stock’s 50-day moving average price is $270.97 and its two-hundred day moving average price is $255.67. The firm has a market cap of $12.61 billion, a price-to-earnings ratio of 7.60, a PEG ratio of 2.85 and a beta of 0.26. The company has a current ratio of 1.40, a quick 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, beating analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the firm earned $10.23 earnings per share. The firm’s revenue for the quarter was down 4.8% compared to the same quarter last year. On average, research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, December 15th. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.45%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Weiss Ratings restated a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. Keefe, Bruyette & Woods increased their price target on shares of RenaissanceRe from $270.00 to $314.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 6th. Cantor Fitzgerald lifted their target price on RenaissanceRe from $252.00 to $282.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Morgan Stanley reissued an “overweight” rating and issued a $300.00 price objective on shares of RenaissanceRe in a research report on Tuesday, December 16th. Finally, Wells Fargo & Company decreased their target price on RenaissanceRe from $285.00 to $281.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 13th. Five research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $298.07.

RenaissanceRe Company 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.