Meiji Yasuda Asset Management Co Ltd. Buys Shares of 5,925 RenaissanceRe Holdings Ltd. $RNR

Key Points

• Meiji Yasuda Asset Management acquired 5,925 RenaissanceRe shares worth approximately $1.88 million during the second quarter. Institutional investors collectively own 99.97% of RNR, with several major funds increasing their positions.
• RenaissanceRe reported quarterly earnings of $12.92 per share on $2.77 billion in revenue, with a 23.65% net margin and 23.10% return on equity. The stock opened at $329.39, near its 52-week high of $335.97.
• The company declared a quarterly dividend of $0.41 per share, or $1.64 annually, representing a 0.5% yield. Analysts’ consensus rating is “Hold,” with an average price target of $336.33.

Meiji Yasuda Asset Management Co Ltd. purchased a new position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,925 shares of the insurance provider's stock, valued at approximately $1,878,000.

Several other large investors have also recently made changes to their positions in RNR. BlackRock Inc. acquired a new stake in RenaissanceRe during the 2nd quarter worth $1,319,724,000. Boston Partners raised its position in shares of RenaissanceRe by 9.9% in the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider's stock valued at $400,150,000 after buying an additional 128,245 shares during the last quarter. Lightrock Netherlands B.V. lifted its stake in shares of RenaissanceRe by 15.8% in the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock worth $350,263,000 after buying an additional 160,915 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in RenaissanceRe by 5.1% during the first quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider's stock worth $322,603,000 after acquiring an additional 52,371 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in RenaissanceRe by 17.6% during the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider's stock worth $195,182,000 after acquiring an additional 120,063 shares during the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Robert Qutub sold 5,000 shares of RenaissanceRe stock in a transaction on Tuesday, July 28th. The shares were 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 $24,280,218.21. The trade was a 6.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.30% of the company's stock.

RenaissanceRe Price Performance

Shares of RNR opened at $329.39 on Tuesday. The company has a market cap of $13.69 billion, a P/E ratio of 5.65, a PEG ratio of 1.18 and a beta of 0.17. 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 fifty-two week low of $231.17 and a fifty-two week high of $335.97. The firm's 50 day moving average price is $318.44 and its 200 day moving average price is $305.58.

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

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.41 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe's payout ratio is currently 2.81%.

Wall Street Analyst Weigh In

A number of analysts have commented on RNR shares. Bank of America increased their price objective on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a "buy" rating in a report on Thursday, July 23rd. Keefe, Bruyette & Woods upped their price target on RenaissanceRe from $342.00 to $350.00 and gave the company a "market perform" rating in a research report on Monday, July 27th. Barclays increased their price target on RenaissanceRe from $328.00 to $341.00 and gave the company an "equal weight" rating in a report on Tuesday, July 7th. Wall Street Zen downgraded RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. Finally, TD Cowen upped their target price on RenaissanceRe from $300.00 to $315.00 and gave the company a "hold" rating in a report on Tuesday, July 7th. Five analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, RenaissanceRe currently has an average rating of "Hold" and a consensus price target of $336.33.

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.

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