SEB Asset Management AB Purchases New Stake in RenaissanceRe Holdings Ltd. $RNR

SEB Asset Management AB acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 1st quarter, Holdings Channel.com reports. The firm acquired 52,652 shares of the insurance provider’s stock, valued at approximately $15,650,000.

A number of other large investors have also recently bought and sold shares of the company. SBI Securities Co. Ltd. increased its holdings in RenaissanceRe by 33.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 147 shares of the insurance provider’s stock valued at $41,000 after buying an additional 37 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in shares of RenaissanceRe by 20.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 230 shares of the insurance provider’s stock valued at $65,000 after buying an additional 39 shares in the last quarter. Beacon Pointe Advisors LLC lifted its holdings in shares of RenaissanceRe by 2.2% during the 4th quarter. Beacon Pointe Advisors LLC now owns 1,857 shares of the insurance provider’s stock worth $522,000 after acquiring an additional 40 shares during the period. Signaturefd LLC lifted its holdings in shares of RenaissanceRe by 8.9% during the 4th quarter. Signaturefd LLC now owns 504 shares of the insurance provider’s stock worth $142,000 after acquiring an additional 41 shares during the period. Finally, Midwest Professional Planners LTD. boosted its position in shares of RenaissanceRe by 1.5% during the 1st quarter. Midwest Professional Planners LTD. now owns 3,313 shares of the insurance provider’s stock worth $985,000 after acquiring an additional 48 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Price Performance

RNR stock opened at $321.75 on Tuesday. The stock has a market cap of $13.72 billion, a price-to-earnings ratio of 5.36, a P/E/G ratio of 1.26 and a beta of 0.17. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37. The company has a 50 day simple moving average of $302.75 and a 200 day simple moving average of $297.35. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $329.57.

RenaissanceRe (NYSE:RNR) last issued its earnings results on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share for the quarter. The firm had revenue of $2.19 billion for the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. Research analysts anticipate that RenaissanceRe Holdings Ltd. will post 40.57 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $0.41 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is 2.73%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price objective on shares of RenaissanceRe from $329.00 to $360.00 and gave the company a “neutral” rating in a research report on Monday. Barclays raised their target price on RenaissanceRe from $328.00 to $341.00 and gave the company an “equal weight” rating in a report on Tuesday, July 7th. TD Cowen lifted their price target on RenaissanceRe from $300.00 to $315.00 and gave the company a “hold” rating in a research note on Tuesday, July 7th. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Finally, Evercore set a $320.00 price objective on RenaissanceRe in a research report on Friday, July 10th. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $333.87.

RenaissanceRe 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.