Asset Management One Co. Ltd. Makes New $1.56 Million Investment in RenaissanceRe Holdings Ltd. $RNR

Asset Management One Co. Ltd. bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 6,161 shares of the insurance provider’s stock, valued at approximately $1,564,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of RenaissanceRe in the second quarter valued at about $139,543,000. JPMorgan Chase & Co. increased its holdings in RenaissanceRe by 152.5% in the second quarter. JPMorgan Chase & Co. now owns 239,330 shares of the insurance provider’s stock valued at $58,136,000 after buying an additional 144,547 shares in the last quarter. Impax Asset Management Group plc lifted its position 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 acquiring an additional 122,732 shares during the period. Bank of America Corp DE lifted its position in shares of RenaissanceRe by 17.6% during the 2nd quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after acquiring an additional 120,063 shares during the period. Finally, Mackenzie Financial Corp boosted its stake in shares of RenaissanceRe by 111.8% during the 2nd quarter. Mackenzie Financial Corp now owns 167,420 shares of the insurance provider’s stock worth $40,666,000 after acquiring an additional 88,367 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $272.86 on Friday. The stock has a market cap of $12.58 billion, a price-to-earnings ratio of 7.58, a PEG ratio of 6.64 and a beta of 0.26. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.40. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $285.26. The stock’s 50 day moving average price is $269.55 and its 200 day moving average price is $253.51.

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

RenaissanceRe Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were issued a $0.40 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. RenaissanceRe’s dividend payout ratio is currently 4.45%.

Analysts Set New Price Targets

RNR has been the subject of several research reports. Mizuho began coverage on RenaissanceRe in a research note on Monday, December 15th. They set a “neutral” rating and a $281.00 price target for the company. UBS Group lifted their price target on shares of RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a report on Wednesday, October 8th. BMO Capital Markets restated an “outperform” rating and issued a $303.00 price target on shares of RenaissanceRe in a report on Friday, December 5th. JPMorgan Chase & Co. raised their target price on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Evercore ISI raised their target price on RenaissanceRe from $250.00 to $283.00 and gave the company an “in-line” rating in a research note on Wednesday. Five investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $295.67.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.