Mitsubishi UFJ Trust & Banking Corp Buys 2,634 Shares of RenaissanceRe Holdings Ltd. $RNR

Mitsubishi UFJ Trust & Banking Corp raised its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 60.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,958 shares of the insurance provider’s stock after purchasing an additional 2,634 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in RenaissanceRe were worth $1,956,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. R Squared Ltd bought a new stake in RenaissanceRe in the fourth quarter valued at $387,000. M&T Bank Corp increased its stake in RenaissanceRe by 16.5% in the fourth quarter. M&T Bank Corp now owns 4,028 shares of the insurance provider’s stock valued at $1,133,000 after purchasing an additional 570 shares in the last quarter. UBS Group AG increased its stake in RenaissanceRe by 41.8% in the fourth quarter. UBS Group AG now owns 136,696 shares of the insurance provider’s stock valued at $38,433,000 after purchasing an additional 40,273 shares in the last quarter. Sanctuary Advisors LLC increased its stake in RenaissanceRe by 9.6% in the fourth quarter. Sanctuary Advisors LLC now owns 1,055 shares of the insurance provider’s stock valued at $297,000 after purchasing an additional 92 shares in the last quarter. Finally, OLD National Bancorp IN bought a new stake in RenaissanceRe in the fourth quarter valued at $318,000. 99.97% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the transaction, the executive vice president directly owned 73,023 shares in the company, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

RNR has been the subject of several research analyst reports. Citigroup lifted their price target on shares of RenaissanceRe from $333.00 to $335.00 and gave the company a “neutral” rating in a research note on Friday. Wells Fargo & Company lifted their price objective on shares of RenaissanceRe from $305.00 to $306.00 and gave the company an “equal weight” rating in a report on Thursday, April 30th. Morgan Stanley cut shares of RenaissanceRe from an “overweight” rating to an “equal weight” rating and set a $310.00 price objective for the company. in a report on Thursday, February 26th. JPMorgan Chase & Co. lifted their price objective on shares of RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a report on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of RenaissanceRe in a report on Friday, March 27th. Four equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $322.93.

RenaissanceRe Stock Up 0.7%

Shares of NYSE RNR opened at $301.44 on Tuesday. The stock has a market capitalization of $12.85 billion, a P/E ratio of 5.02, a P/E/G ratio of 0.82 and a beta of 0.22. The company has a 50-day moving average price of $301.47 and a 200-day moving average price of $282.16. RenaissanceRe Holdings Ltd. has a 1 year low of $231.17 and a 1 year high of $318.20. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.37 and a quick ratio of 1.37.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, April 28th. The insurance provider reported $13.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $11.07 by $2.68. The firm had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.84 billion. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. The business’s revenue was down 36.8% on a year-over-year basis. During the same period last year, the company earned ($1.49) earnings per share. On average, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 38.28 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were issued a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a yield of 0.5%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, March 13th. 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.