MetLife Investment Management LLC Acquires 2,326 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

MetLife Investment Management LLC grew its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 8.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 29,269 shares of the insurance provider’s stock after buying an additional 2,326 shares during the quarter. MetLife Investment Management LLC’s holdings in RenaissanceRe were worth $7,282,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RNR. Aster Capital Management DIFC Ltd bought a new stake in shares of RenaissanceRe during the 4th quarter valued at about $27,000. SBI Securities Co. Ltd. purchased a new stake in RenaissanceRe during the fourth quarter valued at approximately $29,000. MassMutual Private Wealth & Trust FSB raised its position in RenaissanceRe by 51.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 41 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of RenaissanceRe by 1,587.5% during the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 127 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in shares of RenaissanceRe by 71.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

NYSE RNR opened at $243.62 on Wednesday. The business’s 50 day moving average price is $237.49 and its 200-day moving average price is $252.79. RenaissanceRe Holdings Ltd. has a fifty-two week low of $208.98 and a fifty-two week high of $300.00. The company has a market cap of $11.94 billion, a P/E ratio of 6.96, a P/E/G ratio of 2.09 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, beating the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. RenaissanceRe’s payout ratio is 4.57%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Wells Fargo & Company lowered their price objective on RenaissanceRe from $277.00 to $271.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. Jefferies Financial Group reduced their price objective on shares of RenaissanceRe from $266.00 to $265.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Bank of America lowered their target price on shares of RenaissanceRe from $437.00 to $426.00 and set a “buy” rating on the stock in a research note on Wednesday, March 26th. Keefe, Bruyette & Woods decreased their target price on RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 4th. Finally, JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, RenaissanceRe currently has an average rating of “Hold” and an average target price of $280.80.

RenaissanceRe Company 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.