Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the fourth quarter, Holdings Channel reports. The institutional investor bought 137,193 shares of the insurance provider’s stock, valued at approximately $17,230,000. RenaissanceRe makes up approximately 2.5% of Philadelphia Financial Management of San Francisco LLC’s investment portfolio, making the stock its 16th largest position.
A number of other hedge funds and other institutional investors also recently made changes to their positions in RNR. Advisor Group Inc. increased its holdings in RenaissanceRe by 89.6% in the 4th quarter. Advisor Group Inc. now owns 1,117 shares of the insurance provider’s stock valued at $140,000 after acquiring an additional 528 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in RenaissanceRe in the 4th quarter valued at about $176,000. Cadence Capital Management LLC purchased a new stake in shares of RenaissanceRe in the 3rd quarter worth approximately $219,000. Unison Advisors LLC purchased a new stake in shares of RenaissanceRe in the 4th quarter worth approximately $219,000. Finally, Toronto Dominion Bank lifted its position in shares of RenaissanceRe by 241.0% in the 3rd quarter. Toronto Dominion Bank now owns 1,715 shares of the insurance provider’s stock worth $232,000 after purchasing an additional 1,212 shares during the period. Institutional investors own 95.13% of the company’s stock.
RNR has been the subject of several recent analyst reports. Wells Fargo & Co reiterated a “hold” rating and set a $125.00 price objective on shares of RenaissanceRe in a research note on Wednesday, January 31st. Citigroup set a $152.00 price objective on shares of RenaissanceRe and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, Zacks Investment Research upgraded shares of RenaissanceRe from a “sell” rating to a “hold” rating in a research note on Tuesday, February 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $145.88.
Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) traded down $0.63 during midday trading on Wednesday, hitting $136.17. 13,980 shares of the stock were exchanged, compared to its average volume of 406,853. The firm has a market capitalization of $5,464.85, a PE ratio of -21.60, a price-to-earnings-growth ratio of 1.44 and a beta of 0.60. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.77 and a quick ratio of 1.77. RenaissanceRe Holdings Ltd. has a 1-year low of $116.50 and a 1-year high of $152.00.
RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, January 31st. The insurance provider reported $1.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.29. RenaissanceRe had a negative net margin of 10.57% and a negative return on equity of 7.68%. The firm had revenue of $288.22 million during the quarter, compared to analysts’ expectations of $227.65 million. During the same period last year, the business earned $2.66 earnings per share. RenaissanceRe’s revenue was up 31.3% compared to the same quarter last year. equities research analysts expect that RenaissanceRe Holdings Ltd. will post 9.95 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.32. This represents a $1.32 dividend on an annualized basis and a dividend yield of 0.97%. RenaissanceRe’s dividend payout ratio (DPR) is currently -20.16%.
RenaissanceRe Company Profile
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.
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