RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Bought by Impax Asset Management Group plc

Impax Asset Management Group plc boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 7.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,282,270 shares of the insurance provider’s stock after buying an additional 91,425 shares during the quarter. RenaissanceRe accounts for about 1.2% of Impax Asset Management Group plc’s holdings, making the stock its 28th biggest holding. Impax Asset Management Group plc owned approximately 2.46% of RenaissanceRe worth $286,028,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in RNR. American International Group Inc. boosted its position in shares of RenaissanceRe by 1,829.6% during the fourth quarter. American International Group Inc. now owns 1,393,546 shares of the insurance provider’s stock worth $273,135,000 after buying an additional 1,321,325 shares during the period. Norges Bank acquired a new position in RenaissanceRe during the 4th quarter worth about $133,196,000. Fiera Capital Corp lifted its stake in RenaissanceRe by 637.3% during the 4th quarter. Fiera Capital Corp now owns 199,166 shares of the insurance provider’s stock worth $39,037,000 after acquiring an additional 172,154 shares in the last quarter. Vanguard Group Inc. boosted its holdings in RenaissanceRe by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 5,565,691 shares of the insurance provider’s stock valued at $1,090,875,000 after acquiring an additional 148,173 shares during the period. Finally, Bank of New York Mellon Corp grew its position in RenaissanceRe by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 2,752,016 shares of the insurance provider’s stock valued at $646,806,000 after acquiring an additional 124,039 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

RNR has been the subject of several recent research reports. StockNews.com lowered shares of RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Friday. Wells Fargo & Company dropped their price target on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating for the company in a research note on Friday, July 26th. Bank of America upped their price objective on RenaissanceRe from $334.00 to $347.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Barclays began coverage on RenaissanceRe in a research note on Wednesday. They set an “equal weight” rating and a $287.00 target price for the company. Finally, Morgan Stanley reduced their price target on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $265.55.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of RenaissanceRe stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total value of $230,000.00. Following the transaction, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock traded up $0.44 during trading on Friday, reaching $260.35. The company’s stock had a trading volume of 3,770 shares, compared to its average volume of 330,974. The company has a 50-day moving average price of $233.43 and a two-hundred day moving average price of $228.60. RenaissanceRe Holdings Ltd. has a fifty-two week low of $188.24 and a fifty-two week high of $261.62. The firm has a market cap of $13.77 billion, a PE ratio of 5.74, a P/E/G ratio of 1.39 and a beta of 0.38. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping the consensus estimate of $10.88 by $1.53. The business had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. On average, analysts forecast that RenaissanceRe Holdings Ltd. will post 39.01 EPS for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.60%. The ex-dividend date is Friday, September 13th. RenaissanceRe’s 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.