Impax Asset Management Group plc Boosts Stock Position in RenaissanceRe Holdings Ltd. $RNR

Impax Asset Management Group plc boosted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 11.2% during the second quarter, Holdings Channel reports. The firm owned 1,220,038 shares of the insurance provider’s stock after acquiring an additional 122,732 shares during the quarter. RenaissanceRe makes up about 1.7% of Impax Asset Management Group plc’s investment portfolio, making the stock its 14th biggest position. Impax Asset Management Group plc’s holdings in RenaissanceRe were worth $295,494,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Advisors Asset Management Inc. increased its stake in shares of RenaissanceRe by 10.5% during the first quarter. Advisors Asset Management Inc. now owns 441 shares of the insurance provider’s stock valued at $106,000 after buying an additional 42 shares during the period. Rossby Financial LCC boosted its holdings in RenaissanceRe by 6.2% in the second quarter. Rossby Financial LCC now owns 845 shares of the insurance provider’s stock valued at $205,000 after acquiring an additional 49 shares in the last quarter. Huntington National Bank increased its position in 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 purchasing an additional 55 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in RenaissanceRe by 43.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider’s stock valued at $45,000 after purchasing an additional 56 shares during the period. Finally, Signaturefd LLC boosted its stake in shares of RenaissanceRe by 13.4% during the 2nd quarter. Signaturefd LLC now owns 483 shares of the insurance provider’s stock valued at $117,000 after purchasing an additional 57 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on RNR shares. Keefe, Bruyette & Woods increased their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the stock a “market perform” rating in a research note on Monday, July 28th. Wells Fargo & Company upped their target price on RenaissanceRe from $278.00 to $285.00 and gave the stock an “equal weight” rating in a report on Thursday, October 30th. Evercore ISI set a $244.00 target price on RenaissanceRe and gave the company an “in-line” rating in a research note on Wednesday, October 1st. Barclays set a $278.00 price target on RenaissanceRe in a research report on Wednesday, October 8th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of RenaissanceRe in a report on Friday, October 31st. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $283.67.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $265.68 on Thursday. The firm has a market cap of $12.25 billion, a P/E ratio of 7.38, a PEG ratio of 2.08 and a beta of 0.25. The company has a quick ratio of 1.36, a current ratio of 1.40 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a twelve month low of $219.00 and a twelve month high of $290.78. The company has a 50 day moving average of $251.82 and a 200 day moving average of $246.04.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, topping 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 company had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the company earned $10.23 EPS. RenaissanceRe’s revenue for the quarter was down 4.8% on a year-over-year basis. As a group, research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend is Monday, December 15th. RenaissanceRe’s payout ratio is presently 4.45%.

RenaissanceRe Profile

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.