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

SEB Asset Management AB purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 52,652 shares of the insurance provider’s stock, valued at approximately $15,650,000. SEB Asset Management AB owned 0.12% of RenaissanceRe as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of RNR. Robeco Institutional Asset Management B.V. lifted its stake in shares of RenaissanceRe by 135.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock worth $55,100,000 after buying an additional 112,910 shares during the last quarter. Belpointe Asset Management LLC grew its stake in RenaissanceRe by 595.0% in the 4th quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider’s stock valued at $1,729,000 after buying an additional 5,266 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in RenaissanceRe by 68.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,171 shares of the insurance provider’s stock valued at $3,855,000 after buying an additional 5,782 shares during the last quarter. M&T Bank Corp raised its holdings in RenaissanceRe by 8,296.5% in the 4th quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock valued at $81,635,000 after acquiring an additional 286,894 shares during the period. Finally, Horizon Investments LLC raised its holdings in RenaissanceRe by 247,520.0% in the 4th quarter. Horizon Investments LLC now owns 24,762 shares of the insurance provider’s stock valued at $6,962,000 after acquiring an additional 24,752 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Evercore set a $320.00 price objective on RenaissanceRe in a report on Friday, July 10th. Mizuho increased their target price on RenaissanceRe from $325.00 to $329.00 and gave the stock a “neutral” rating in a research note on Thursday, July 9th. Citigroup raised RenaissanceRe from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $335.00 to $345.00 in a report on Wednesday, June 10th. Morgan Stanley boosted their price target on RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a research note on Monday, July 6th. Finally, Cantor Fitzgerald upped their price objective on RenaissanceRe from $340.00 to $354.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Five research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and an average price target of $333.87.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $321.75 on Tuesday. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $13.72 billion, a price-to-earnings ratio of 5.36, a price-to-earnings-growth ratio of 1.26 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a twelve month low of $231.17 and a twelve month high of $329.57. The company has a 50-day simple moving average of $302.75 and a two-hundred day simple moving average of $297.35.

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

RenaissanceRe Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.41 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a yield of 0.5%. RenaissanceRe’s dividend payout ratio is currently 2.73%.

About RenaissanceRe

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.