Meiji Yasuda Asset Management Co Ltd. Takes $1.88 Million Position in RenaissanceRe Holdings Ltd. $RNR

Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 5,925 shares of the insurance provider’s stock, valued at approximately $1,878,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of RenaissanceRe in the 2nd quarter worth $1,319,724,000. Orbis Allan Gray Ltd acquired a new stake in RenaissanceRe in the fourth quarter valued at about $178,519,000. Norges Bank purchased a new stake in RenaissanceRe in the 4th quarter valued at approximately $168,582,000. GQG Partners LLC purchased a new stake in RenaissanceRe in the 2nd quarter valued at approximately $185,351,000. Finally, Egerton Capital UK LLP acquired a new position in RenaissanceRe during the 4th quarter worth approximately $137,944,000. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Stock Up 1.8%

Shares of NYSE:RNR opened at $329.39 on Tuesday. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $335.97. The stock’s fifty day simple moving average is $318.44 and its 200-day simple moving average is $305.58. The company has a market capitalization of $13.69 billion, a P/E ratio of 5.65, a P/E/G ratio of 1.18 and a beta of 0.17.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, June 30th. The insurance provider reported $12.92 EPS for the quarter. The business had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. As a group, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 42.4 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.41 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s payout ratio is currently 2.81%.

Insider Activity

In related news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $333.03, for a total value of $1,665,150.00. Following the transaction, the executive vice president directly owned 72,907 shares of the company’s stock, valued at approximately $24,280,218.21. This trade represents a 6.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on RNR. Wolfe Research set a $315.00 price objective on RenaissanceRe in a report on Tuesday, July 7th. Evercore set a $330.00 target price on RenaissanceRe in a report on Thursday, July 23rd. TD Cowen upped their price target on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. Bank of America increased their price target on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Finally, Wall Street Zen cut shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Five equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, RenaissanceRe has an average rating of “Hold” and a consensus target price of $336.33.

RenaissanceRe 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.