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

Meiji Yasuda Asset Management Co Ltd. grew its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 490.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Brooklyn Investment Group boosted its stake in RenaissanceRe by 151.7% in the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 88 shares in the last quarter. Tsfg LLC bought a new position in RenaissanceRe in the 1st quarter worth about $40,000. LRI Investments LLC boosted its stake in RenaissanceRe by 116.5% in the 1st quarter. LRI Investments LLC now owns 262 shares of the insurance provider’s stock worth $63,000 after purchasing an additional 141 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in RenaissanceRe by 10.5% in the 1st quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock worth $106,000 after purchasing an additional 42 shares in the last quarter. Finally, UMB Bank n.a. boosted its stake in RenaissanceRe by 165.1% in the 1st quarter. UMB Bank n.a. now owns 464 shares of the insurance provider’s stock worth $111,000 after purchasing an additional 289 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $238.48 on Wednesday. The firm’s 50 day moving average price is $241.32 and its 200-day moving average price is $241.34. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $300.00. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $11.22 billion, a PE ratio of 6.09, a price-to-earnings-growth ratio of 2.35 and a beta of 0.29.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, July 23rd. The insurance provider reported $12.29 earnings per share for the quarter, topping the consensus estimate of $10.28 by $2.01. RenaissanceRe had a net margin of 15.44% and a return on equity of 15.00%. The firm had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.96 billion. During the same quarter in the prior year, the business earned $12.41 EPS. The business’s quarterly revenue was down 2.4% on a year-over-year basis. Equities research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

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 paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Monday, September 15th. RenaissanceRe’s dividend payout ratio is 4.09%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Citigroup assumed coverage on shares of RenaissanceRe in a research note on Wednesday, August 13th. They issued a “buy” rating and a $288.00 price target on the stock. Barclays upped 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. Wells Fargo & Company restated an “equal weight” rating and set a $269.00 target price (up previously from $267.00) on shares of RenaissanceRe in a research note on Thursday, July 10th. UBS Group upped their target price on shares of RenaissanceRe from $250.00 to $265.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. Finally, Morgan Stanley lowered their target price on shares of RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating on the stock in a research note on Monday, July 14th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $282.09.

About RenaissanceRe

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.