Nordea Investment Management AB Boosts Stock Position in RenaissanceRe Holdings Ltd. $RNR

Nordea Investment Management AB raised its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 207.2% in the third quarter, Holdings Channel reports. The firm owned 41,871 shares of the insurance provider’s stock after purchasing an additional 28,241 shares during the period. Nordea Investment Management AB’s holdings in RenaissanceRe were worth $10,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Hantz Financial Services Inc. boosted its holdings in shares of RenaissanceRe by 707.1% in the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after buying an additional 99 shares during the last quarter. IFP Advisors Inc raised its position in RenaissanceRe by 160.0% in the second quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 72 shares during the period. Financial Consulate Inc. purchased a new position in RenaissanceRe in the third quarter valued at about $29,000. Huntington National Bank grew its position in shares of RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 55 shares during the period. Finally, Farther Finance Advisors LLC increased its stake in shares of RenaissanceRe by 151.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 131 shares of the insurance provider’s stock worth $33,000 after purchasing an additional 79 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. UBS Group upped their price target on RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a research report on Wednesday, October 8th. TD Cowen increased their price target on RenaissanceRe from $278.00 to $280.00 and gave the stock a “hold” rating in a research note on Thursday, January 8th. Weiss Ratings restated a “buy (b)” rating on shares of RenaissanceRe in a research note on Monday, December 29th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and set a $267.00 price objective on shares of RenaissanceRe in a report on Wednesday, January 7th. Five research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $298.07.

RenaissanceRe Stock Performance

Shares of RNR opened at $269.53 on Friday. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $285.26. The stock’s 50-day simple moving average is $270.35 and its 200 day simple moving average is $254.56. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.40. The stock has a market capitalization of $12.43 billion, a price-to-earnings ratio of 7.49, a price-to-earnings-growth ratio of 6.37 and a beta of 0.26.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, beating the consensus estimate of $9.49 by $6.13. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the business posted $10.23 earnings per share. The company’s revenue was down 4.8% on a year-over-year basis. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date of this dividend was Monday, December 15th. RenaissanceRe’s dividend payout ratio is 4.45%.

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.