Edgestream Partners L.P. Acquires 20,776 Shares of RenaissanceRe Holdings Ltd. $RNR

Edgestream Partners L.P. increased its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 333.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,002 shares of the insurance provider’s stock after buying an additional 20,776 shares during the period. Edgestream Partners L.P. owned about 0.06% of RenaissanceRe worth $6,559,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of RenaissanceRe by 37.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider’s stock worth $599,049,000 after purchasing an additional 676,125 shares during the period. Boston Partners lifted its holdings in RenaissanceRe by 4.6% during the 1st quarter. Boston Partners now owns 2,106,207 shares of the insurance provider’s stock worth $505,509,000 after buying an additional 92,825 shares during the period. Impax Asset Management Group plc grew its position in shares of RenaissanceRe by 11.2% in the 2nd quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock valued at $295,494,000 after buying an additional 122,732 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of RenaissanceRe by 15.3% in the first quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider’s stock valued at $183,175,000 after buying an additional 101,060 shares during the period. Finally, Norges Bank bought a new position in shares of RenaissanceRe during the second quarter worth about $139,543,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on RNR shares. Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a report on Monday. Barclays set a $278.00 price objective on shares of RenaissanceRe in a research note on Wednesday, October 8th. Wolfe Research started coverage on shares of RenaissanceRe in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. The Goldman Sachs Group assumed coverage on shares of RenaissanceRe in a research report on Tuesday, October 14th. They set a “sell” rating and a $256.00 price target on the stock. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $303.00 price objective on shares of RenaissanceRe in a research report on Thursday, October 9th. Four analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $284.50.

RenaissanceRe Trading Up 0.3%

RNR opened at $264.64 on Wednesday. The company has a current ratio of 1.40, a quick ratio of 1.36 and a debt-to-equity ratio of 0.21. The company has a fifty day moving average price of $257.42 and a two-hundred day moving average price of $247.77. The company has a market cap of $12.20 billion, a P/E ratio of 7.35, a price-to-earnings-growth ratio of 2.08 and a beta of 0.25. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $290.78.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The firm’s revenue was down 4.8% compared to the same quarter last year. During the same period in the previous year, the company posted $10.23 EPS. Analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

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

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.