Meiji Yasuda Asset Management Co Ltd. Purchases 6,220 Shares of RenaissanceRe Holdings Ltd. $RNR

Key Points

• Meiji Yasuda Asset Management Co Ltd. significantly increased its stake in RenaissanceRe Holdings Ltd. by 490.9%, acquiring an additional 6,220 shares, bringing its total holdings to 7,487 shares valued at approximately $1.8 million.
• RenaissanceRe reported earnings of $12.29 per share for the last quarter, exceeding estimates by $2.01, despite a year-over-year revenue decline of 2.4%.
• The company announced a quarterly dividend of $0.40 per share, with a dividend yield of 0.7%, reinforcing its commitment to returning value to shareholders.

Meiji Yasuda Asset Management Co Ltd. lifted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 490.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,487 shares of the insurance provider's stock after buying an additional 6,220 shares during the period. Meiji Yasuda Asset Management Co Ltd.'s holdings in RenaissanceRe were worth $1,797,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RNR. Mercer Global Advisors Inc. ADV boosted its stake in shares of RenaissanceRe by 15.7% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 1,209 shares of the insurance provider's stock worth $301,000 after buying an additional 164 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of RenaissanceRe by 5.4% during the 4th quarter. Ameriprise Financial Inc. now owns 71,210 shares of the insurance provider's stock worth $17,718,000 after buying an additional 3,674 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of RenaissanceRe by 10.5% during the 4th quarter. BNP Paribas Financial Markets now owns 12,447 shares of the insurance provider's stock worth $3,097,000 after buying an additional 1,186 shares during the last quarter. Cetera Investment Advisers lifted its stake in RenaissanceRe by 7.2% in the 4th quarter. Cetera Investment Advisers now owns 4,249 shares of the insurance provider's stock valued at $1,057,000 after purchasing an additional 285 shares during the last quarter. Finally, Deutsche Bank AG lifted its stake in RenaissanceRe by 4.2% in the 4th quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider's stock valued at $2,666,000 after purchasing an additional 431 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on RNR shares. Cantor Fitzgerald upgraded shares of RenaissanceRe to a "hold" rating in a research note on Wednesday, August 13th. Wells Fargo & Company reiterated an "equal weight" rating and issued a $269.00 target price (up from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. Barclays raised their target price on shares of RenaissanceRe from $256.00 to $273.00 and gave the company an "equal weight" rating in a research note on Thursday, July 24th. Morgan Stanley cut their target price on shares of RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Finally, Citigroup started coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They issued a "buy" rating and a $288.00 target price for the company. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, RenaissanceRe has a consensus rating of "Hold" and a consensus price target of $282.09.

RenaissanceRe Price Performance

Shares of NYSE RNR traded down $0.93 during midday trading on Monday, reaching $246.03. The company's stock had a trading volume of 82,803 shares, compared to its average volume of 470,262. The business's 50 day moving average price is $241.59 and its two-hundred day moving average price is $241.65. The company has a market cap of $11.58 billion, a P/E ratio of 6.28, a P/E/G ratio of 2.42 and a beta of 0.29. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.36 and a current ratio of 1.36. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $10.28 by $2.01. The business had revenue of $2.77 billion for the quarter, compared to analysts' expectations of $2.96 billion. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm's quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the firm posted $12.41 earnings per share. On average, analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Monday, September 15th. RenaissanceRe's dividend payout ratio (DPR) is 4.09%.

RenaissanceRe 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.