Candriam S.C.A. Acquires New Shares in RenaissanceRe Holdings Ltd. $RNR

Candriam S.C.A. acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 20,867 shares of the insurance provider’s stock, valued at approximately $6,202,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RNR. Robeco Institutional Asset Management B.V. boosted its stake in shares of RenaissanceRe by 135.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 195,975 shares of the insurance provider’s stock valued at $55,100,000 after purchasing an additional 112,910 shares during the period. Belpointe Asset Management LLC boosted its position in RenaissanceRe by 595.0% during the 4th quarter. Belpointe Asset Management LLC now owns 6,151 shares of the insurance provider’s stock valued at $1,729,000 after acquiring an additional 5,266 shares in the last quarter. Prana Capital Management LP boosted its position in RenaissanceRe by 608.9% during the third quarter. Prana Capital Management LP now owns 29,971 shares of the insurance provider’s stock valued at $7,611,000 after purchasing an additional 25,743 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of RenaissanceRe by 68.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,171 shares of the insurance provider’s stock worth $3,855,000 after acquiring an additional 5,782 shares in the last quarter. Finally, M&T Bank Corp increased its position in shares of RenaissanceRe by 8,296.5% during the fourth quarter. M&T Bank Corp now owns 290,352 shares of the insurance provider’s stock worth $81,635,000 after purchasing an additional 286,894 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on RNR shares. Weiss Ratings upgraded shares of RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, June 25th. Evercore set a $320.00 price objective on RenaissanceRe in a research note on Friday. Mizuho increased their price target on RenaissanceRe from $325.00 to $329.00 and gave the company a “neutral” rating in a report on Thursday, July 9th. UBS Group raised their target price on RenaissanceRe from $326.00 to $342.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Finally, Morgan Stanley lifted their target price on shares of RenaissanceRe from $310.00 to $320.00 and gave the company an “equal weight” rating in a report on Monday, July 6th. Five research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $331.80.

RenaissanceRe Stock Up 1.8%

RNR stock opened at $320.64 on Tuesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.37 and a current ratio of 1.37. The company has a fifty day moving average of $301.04 and a 200-day moving average of $296.07. The stock has a market capitalization of $13.67 billion, a PE ratio of 5.34, a price-to-earnings-growth ratio of 1.17 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a one year low of $231.17 and a one 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 company 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%. As a group, analysts expect that RenaissanceRe Holdings Ltd. will post 40.59 EPS for the current year.

RenaissanceRe Announces Dividend

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

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.