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

Several other institutional investors and hedge funds have also bought and sold shares of RNR. Great Lakes Advisors LLC lifted its stake in shares of RenaissanceRe by 49.3% in the 1st quarter. Great Lakes Advisors LLC now owns 326,480 shares of the insurance provider's stock valued at $78,355,000 after purchasing an additional 107,745 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of RenaissanceRe by 72.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider's stock worth $13,725,000 after purchasing an additional 24,027 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of RenaissanceRe by 900.0% in the 1st quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider's stock worth $324,000 after purchasing an additional 1,215 shares in the last quarter. USS Investment Management Ltd increased its holdings in shares of RenaissanceRe by 15.5% in the 1st quarter. USS Investment Management Ltd now owns 12,406 shares of the insurance provider's stock worth $2,977,000 after purchasing an additional 1,664 shares in the last quarter. Finally, Scientech Research LLC increased its holdings in shares of RenaissanceRe by 39.6% in the 1st quarter. Scientech Research LLC now owns 4,459 shares of the insurance provider's stock worth $1,070,000 after purchasing an additional 1,265 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on RNR shares. Wells Fargo & Company reissued an "equal weight" rating and issued a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a report on Thursday, July 10th. Citigroup started coverage on RenaissanceRe in a report on Wednesday, August 13th. They issued a "buy" rating and a $288.00 price objective for the company. Morgan Stanley cut their price objective on RenaissanceRe from $285.00 to $280.00 and set an "overweight" rating for the company in a report on Monday, July 14th. Keefe, Bruyette & Woods lifted their price objective on RenaissanceRe from $268.00 to $269.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. Finally, Barclays lifted their price objective on RenaissanceRe from $256.00 to $273.00 and gave the stock an "equal weight" rating in a report on Thursday, July 24th. Four investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $282.09.

RenaissanceRe Stock Performance

NYSE RNR traded up $3.09 on Friday, hitting $247.63. 460,105 shares of the company traded hands, compared to its average volume of 342,556. The company has a market capitalization of $11.66 billion, a price-to-earnings ratio of 6.33, a P/E/G ratio of 2.40 and a beta of 0.29. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.23. The business's 50 day moving average price is $241.59 and its 200-day moving average price is $241.53. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-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 EPS for the quarter, beating the consensus estimate of $10.28 by $2.01. RenaissanceRe had a return on equity of 15.00% and a net margin of 15.44%.The business had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.96 billion. During the same period in the previous year, the business earned $12.41 earnings per share. The business's revenue was down 2.4% on a year-over-year basis. Equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date is Monday, September 15th. RenaissanceRe's payout ratio is presently 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.