Lord Abbett & CO. LLC Purchases 61,465 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Lord Abbett & CO. LLC boosted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 15.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 466,823 shares of the insurance provider’s stock after acquiring an additional 61,465 shares during the period. Lord Abbett & CO. LLC owned 0.96% of RenaissanceRe worth $112,038,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Boston Partners grew its holdings in RenaissanceRe by 4.6% in the 1st quarter. Boston Partners now owns 2,106,207 shares of the insurance provider’s stock worth $505,509,000 after acquiring an additional 92,825 shares during the last quarter. Resona Asset Management Co. Ltd. lifted its position in shares of RenaissanceRe by 0.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 8,047 shares of the insurance provider’s stock worth $1,931,000 after purchasing an additional 61 shares during the period. Nuveen LLC purchased a new stake in shares of RenaissanceRe in the 1st quarter worth about $54,087,000. Aigen Investment Management LP purchased a new stake in shares of RenaissanceRe in the 1st quarter worth about $264,000. Finally, Virtu Financial LLC lifted its position in shares of RenaissanceRe by 165.9% in the 1st quarter. Virtu Financial LLC now owns 12,539 shares of the insurance provider’s stock worth $3,009,000 after purchasing an additional 7,824 shares during the period. Institutional investors own 99.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on RNR shares. Wells Fargo & Company reissued an “equal weight” rating and set a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research report on Thursday, July 10th. Cantor Fitzgerald started coverage on shares of RenaissanceRe in a research report on Tuesday. They set a “neutral” rating and a $238.00 price target for the company. Barclays lifted their price target on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an “equal weight” rating in a research report on Thursday, July 24th. UBS Group lifted their price target on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a “neutral” rating in a research report on Monday, July 28th. Finally, Citigroup started coverage on shares of RenaissanceRe in a research report on Wednesday. They set a “buy” rating and a $288.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, RenaissanceRe presently has an average rating of “Hold” and an average target price of $282.09.

RenaissanceRe Stock Up 1.8%

Shares of RenaissanceRe stock opened at $243.78 on Thursday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. The stock has a market capitalization of $11.47 billion, a PE ratio of 6.23, a price-to-earnings-growth ratio of 2.40 and a beta of 0.29. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $300.00. The company has a 50-day simple moving average of $241.51 and a two-hundred day simple moving average of $240.35.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Wednesday, July 23rd. The insurance provider reported $12.29 EPS for the quarter, topping analysts’ consensus estimates of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.96 billion. During the same period in the previous year, the business posted $12.41 earnings per share. The business’s revenue for the quarter was down 2.4% on a year-over-year basis. On average, analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.40 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.7%. RenaissanceRe’s payout ratio is currently 4.09%.

RenaissanceRe Company 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.