MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 1,458.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,950 shares of the insurance provider's stock after buying an additional 6,504 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in RenaissanceRe were worth $1,729,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in RNR. First Trust Advisors LP increased its stake in shares of RenaissanceRe by 462.8% during the 4th quarter. First Trust Advisors LP now owns 864,252 shares of the insurance provider's stock worth $215,035,000 after purchasing an additional 710,698 shares during the last quarter. Norges Bank acquired a new position in shares of RenaissanceRe in the 4th quarter worth approximately $173,530,000. Boston Partners boosted its stake in shares of RenaissanceRe by 28.5% in the 4th quarter. Boston Partners now owns 2,013,382 shares of the insurance provider's stock valued at $500,991,000 after purchasing an additional 446,781 shares in the last quarter. Capital World Investors grew its stake in RenaissanceRe by 8.8% during the fourth quarter. Capital World Investors now owns 2,882,835 shares of the insurance provider's stock worth $717,278,000 after buying an additional 233,708 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in RenaissanceRe by 24.3% in the fourth quarter. Geode Capital Management LLC now owns 1,144,805 shares of the insurance provider's stock worth $284,907,000 after purchasing an additional 223,991 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on RNR shares. Jefferies Financial Group decreased their target price on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research report on Friday, April 11th. Morgan Stanley set a $285.00 price objective on RenaissanceRe and gave the company an "overweight" rating in a research report on Monday, May 19th. JPMorgan Chase & Co. raised RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target on the stock in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods raised their price target on shares of RenaissanceRe from $279.00 to $282.00 and gave the company an "outperform" rating in a research note on Tuesday, April 29th. Finally, Bank of America reduced their target price on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a report on Wednesday, March 26th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $283.60.
View Our Latest Stock Report on RNR
Insider Transactions at RenaissanceRe
In other news, CAO James Christopher Fraser sold 332 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the transaction, the chief accounting officer now directly owns 27,154 shares of the company's stock, valued at $6,776,009.16. This represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.30% of the company's stock.
RenaissanceRe Trading Up 2.5%
Shares of RNR stock traded up $5.96 on Tuesday, hitting $244.95. 155,186 shares of the company's stock traded hands, compared to its average volume of 509,493. The stock has a market capitalization of $11.92 billion, a price-to-earnings ratio of 6.99, a P/E/G ratio of 2.09 and a beta of 0.34. RenaissanceRe Holdings Ltd. has a one year low of $208.98 and a one year high of $300.00. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. The company's fifty day simple moving average is $240.41 and its 200 day simple moving average is $247.83.
RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.17). The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.36 billion. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. RenaissanceRe's quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the previous year, the company earned $12.18 earnings per share. Equities analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.
RenaissanceRe Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.40 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.60 annualized dividend and a yield of 0.65%. RenaissanceRe's dividend payout ratio (DPR) is presently 5.10%.
RenaissanceRe Profile
(
Free Report)
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.
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