Daiwa Securities Group Inc. Buys New Shares in RenaissanceRe Holdings Ltd. $RNR

Daiwa Securities Group Inc. acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 20,503 shares of the insurance provider’s stock, valued at approximately $4,980,000.

Several other hedge funds have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD raised its position in RenaissanceRe by 37.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,496,035 shares of the insurance provider’s stock valued at $599,049,000 after purchasing an additional 676,125 shares during the period. Impax Asset Management Group plc boosted its stake in shares of RenaissanceRe by 11.2% during 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 grew its holdings in RenaissanceRe by 15.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 763,210 shares of the insurance provider’s stock worth $183,175,000 after acquiring an additional 101,060 shares in the last quarter. Norges Bank acquired a new position in RenaissanceRe in the second quarter worth about $139,543,000. Finally, Lord Abbett & CO. LLC increased its holdings in shares of RenaissanceRe by 15.2% in the 1st quarter. Lord Abbett & CO. LLC now owns 466,823 shares of the insurance provider’s stock valued at $112,038,000 after acquiring an additional 61,465 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on RNR. Zacks Research raised shares of RenaissanceRe from a “hold” rating to a “strong-buy” rating in a research report on Monday. The Goldman Sachs Group assumed coverage on shares of RenaissanceRe in a report on Tuesday, October 14th. They issued a “sell” rating and a $256.00 price objective for the company. Wolfe Research began coverage on RenaissanceRe in a research note on Monday, September 15th. They set a “peer perform” rating for the company. Cowen reaffirmed a “hold” rating on shares of RenaissanceRe in a research note on Tuesday, October 7th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $303.00 target price on shares of RenaissanceRe in a report on Friday, December 5th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $285.92.

RenaissanceRe Price Performance

Shares of RNR opened at $270.06 on Friday. The business’s 50-day moving average is $259.36 and its 200-day moving average is $248.81. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.40. The company has a market capitalization of $12.45 billion, a price-to-earnings ratio of 7.50, a P/E/G ratio of 1.60 and a beta of 0.26. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $274.80.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The firm had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the firm posted $10.23 earnings per share. The firm’s revenue was down 4.8% on a year-over-year basis. Equities research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

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