Daiwa Securities Group Inc. Boosts Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Daiwa Securities Group Inc. raised its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 400.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,000 shares of the insurance provider’s stock after purchasing an additional 800 shares during the period. Daiwa Securities Group Inc.’s holdings in RenaissanceRe were worth $235,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Riverview Trust Co purchased a new position in shares of RenaissanceRe during the first quarter valued at approximately $26,000. Rise Advisors LLC purchased a new position in shares of RenaissanceRe during the 1st quarter worth $31,000. Mather Group LLC. acquired a new stake in shares of RenaissanceRe during the first quarter worth $34,000. GAMMA Investing LLC purchased a new stake in shares of RenaissanceRe in the fourth quarter valued at $37,000. Finally, Bruce G. Allen Investments LLC acquired a new position in RenaissanceRe in the fourth quarter valued at $38,000. 99.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. UBS Group decreased their price target on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research note on Tuesday. Morgan Stanley lowered their target price on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a report on Wednesday. Evercore ISI increased their price target on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. Bank of America boosted their price objective on shares of RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their target price on RenaissanceRe from $245.00 to $265.00 and gave the stock a “neutral” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $261.33.

RenaissanceRe Stock Up 1.0 %

Shares of NYSE RNR opened at $220.00 on Friday. The stock has a fifty day moving average price of $223.82 and a 200 day moving average price of $221.55. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 12-month low of $174.22 and a 12-month high of $239.42. The company has a market cap of $11.63 billion, a P/E ratio of 4.86, a P/E/G ratio of 1.56 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.86 by $2.32. The business had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.05 billion. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. The company’s revenue for the quarter was up 41.3% compared to the same quarter last year. During the same quarter last year, the firm earned $8.16 earnings per share. Research analysts anticipate that RenaissanceRe Holdings Ltd. will post 36.88 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.71%. RenaissanceRe’s dividend payout ratio is currently 3.45%.

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.