Nordea Investment Management AB Has $10.54 Million Stake in RenaissanceRe Holdings Ltd. $RNR

Nordea Investment Management AB increased its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 207.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,871 shares of the insurance provider’s stock after acquiring an additional 28,241 shares during the quarter. Nordea Investment Management AB owned 0.09% of RenaissanceRe worth $10,539,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of RNR. Exchange Traded Concepts LLC grew its holdings in RenaissanceRe by 1.2% in the third quarter. Exchange Traded Concepts LLC now owns 3,355 shares of the insurance provider’s stock worth $852,000 after purchasing an additional 40 shares during the period. Benedict Financial Advisors Inc. grew its stake in shares of RenaissanceRe by 0.3% in the 2nd quarter. Benedict Financial Advisors Inc. now owns 12,577 shares of the insurance provider’s stock valued at $3,055,000 after buying an additional 42 shares during the period. Miracle Mile Advisors LLC grew its stake in shares of RenaissanceRe by 3.8% in the 3rd quarter. Miracle Mile Advisors LLC now owns 1,257 shares of the insurance provider’s stock valued at $319,000 after buying an additional 46 shares during the period. Rossby Financial LCC increased its position in RenaissanceRe by 6.2% in the 2nd quarter. Rossby Financial LCC now owns 845 shares of the insurance provider’s stock valued at $205,000 after buying an additional 49 shares in the last quarter. Finally, Huntington National Bank raised its stake in RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after buying an additional 55 shares during the period. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Price Performance

Shares of NYSE:RNR opened at $269.53 on Friday. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.21. The stock has a market cap of $12.43 billion, a PE ratio of 7.49, a price-to-earnings-growth ratio of 6.37 and a beta of 0.26. The stock’s fifty day simple moving average is $270.35 and its two-hundred day simple moving average is $254.56. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $285.26.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, beating the consensus estimate of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The company had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the company posted $10.23 earnings per share. The firm’s revenue for the quarter was down 4.8% on a year-over-year basis. As a group, analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a dividend of $0.40 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.60 annualized dividend and a dividend yield of 0.6%. RenaissanceRe’s dividend payout ratio (DPR) is currently 4.45%.

Analyst Ratings Changes

RNR has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price objective on RenaissanceRe from $303.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, January 7th. Morgan Stanley reissued an “overweight” rating and issued a $300.00 price target on shares of RenaissanceRe in a research report on Tuesday, December 16th. Wells Fargo & Company decreased their price target on shares of RenaissanceRe from $285.00 to $281.00 and set an “equal weight” rating for the company in a research note on Tuesday. Zacks Research lowered shares of RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 6th. Finally, UBS Group lifted their price objective on shares of RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $298.07.

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.