Lord Abbett & CO. LLC Decreases Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Lord Abbett & CO. LLC decreased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 1.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 405,358 shares of the insurance provider's stock after selling 6,621 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.78% of RenaissanceRe worth $100,857,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd acquired a new stake in RenaissanceRe in the fourth quarter valued at approximately $27,000. SBI Securities Co. Ltd. purchased a new stake in shares of RenaissanceRe in the 4th quarter valued at approximately $29,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of RenaissanceRe by 51.3% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 41 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider's stock worth $34,000 after purchasing an additional 127 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in shares of RenaissanceRe by 71.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock worth $39,000 after purchasing an additional 65 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Barclays cut their price target on RenaissanceRe from $234.00 to $231.00 and set an "underweight" rating on the stock in a research note on Friday, April 11th. JPMorgan Chase & Co. upgraded RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 target price for the company in a research note on Tuesday, April 8th. Wells Fargo & Company dropped their price target on shares of RenaissanceRe from $277.00 to $271.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Bank of America lowered their target price on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a report on Wednesday, March 26th. Finally, Keefe, Bruyette & Woods reduced their price target on shares of RenaissanceRe from $318.00 to $294.00 and set an "outperform" rating for the company in a research report on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, RenaissanceRe presently has a consensus rating of "Hold" and a consensus target price of $280.80.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $228.01 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. RenaissanceRe Holdings Ltd. has a one year low of $208.98 and a one year high of $300.00. The company has a 50-day simple moving average of $237.61 and a 200-day simple moving average of $252.52. The stock has a market capitalization of $11.17 billion, a price-to-earnings ratio of 6.51, a PEG ratio of 2.09 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.17). The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.36 billion. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. On average, analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.60 dividend on an annualized basis and a yield of 0.70%. This is an increase from RenaissanceRe's previous quarterly dividend of $0.39. RenaissanceRe's dividend payout ratio is presently 5.10%.

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.

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