Los Angeles Capital Management LLC Makes New $553,000 Investment in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Los Angeles Capital Management LLC bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,355 shares of the insurance provider’s stock, valued at approximately $553,000.

A number of other hedge funds and other institutional investors have also modified their holdings of RNR. American International Group Inc. raised its holdings in shares of RenaissanceRe by 1,829.6% in the 4th quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock valued at $273,135,000 after purchasing an additional 1,321,325 shares in the last quarter. Norges Bank acquired a new stake in shares of RenaissanceRe in the 4th quarter valued at $133,196,000. Cooke & Bieler LP raised its holdings in shares of RenaissanceRe by 97.9% in the 4th quarter. Cooke & Bieler LP now owns 1,088,978 shares of the insurance provider’s stock valued at $213,440,000 after purchasing an additional 538,636 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of RenaissanceRe by 226.8% in the 3rd quarter. AQR Capital Management LLC now owns 280,666 shares of the insurance provider’s stock valued at $55,549,000 after purchasing an additional 194,774 shares in the last quarter. Finally, Fiera Capital Corp raised its holdings in shares of RenaissanceRe by 637.3% in the 4th quarter. Fiera Capital Corp now owns 199,166 shares of the insurance provider’s stock valued at $39,037,000 after purchasing an additional 172,154 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. raised their price objective on shares of RenaissanceRe from $237.00 to $245.00 and gave the company a “neutral” rating in a report on Wednesday, May 1st. Evercore ISI lifted their price target on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $249.00.

RenaissanceRe Trading Up 1.3 %

Shares of RenaissanceRe stock opened at $229.50 on Wednesday. RenaissanceRe Holdings Ltd. has a 1 year low of $174.22 and a 1 year high of $239.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.41 and a current ratio of 1.41. The company has a market capitalization of $12.14 billion, a P/E ratio of 5.07, a PEG ratio of 1.48 and a beta of 0.38. The company’s fifty day moving average is $224.43 and its two-hundred day moving average is $220.05.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same period last year, the firm posted $8.16 EPS. RenaissanceRe’s revenue for the quarter was up 41.3% on a year-over-year basis. Analysts forecast that RenaissanceRe Holdings Ltd. will post 37.22 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.68%. The ex-dividend date is Friday, June 14th. RenaissanceRe’s payout ratio is currently 3.45%.

About RenaissanceRe

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.