Impax Asset Management Group plc Acquires 122,732 Shares of RenaissanceRe Holdings Ltd. $RNR

Impax Asset Management Group plc lifted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 11.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,220,038 shares of the insurance provider’s stock after purchasing an additional 122,732 shares during the quarter. RenaissanceRe accounts for approximately 1.7% of Impax Asset Management Group plc’s portfolio, making the stock its 14th largest position. Impax Asset Management Group plc owned about 2.59% of RenaissanceRe worth $295,494,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Vise Technologies Inc. bought a new stake in RenaissanceRe during the second quarter valued at approximately $460,000. Illinois Municipal Retirement Fund increased its holdings in shares of RenaissanceRe by 67.3% in the 2nd quarter. Illinois Municipal Retirement Fund now owns 15,479 shares of the insurance provider’s stock worth $3,760,000 after buying an additional 6,226 shares during the last quarter. ProShare Advisors LLC raised its position in shares of RenaissanceRe by 14.7% during the 2nd quarter. ProShare Advisors LLC now owns 138,434 shares of the insurance provider’s stock valued at $33,626,000 after buying an additional 17,787 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of RenaissanceRe by 40.3% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 43,434 shares of the insurance provider’s stock worth $10,550,000 after acquiring an additional 12,467 shares during the last quarter. Finally, Aviva PLC grew its position in RenaissanceRe by 102.0% in the second quarter. Aviva PLC now owns 3,909 shares of the insurance provider’s stock worth $949,000 after acquiring an additional 1,974 shares in the last quarter. 99.97% of the stock is currently owned by institutional investors.

RenaissanceRe Trading Down 0.4%

NYSE RNR opened at $265.68 on Thursday. The firm has a market cap of $12.25 billion, a PE ratio of 7.38, a price-to-earnings-growth ratio of 2.08 and a beta of 0.25. RenaissanceRe Holdings Ltd. has a 1-year low of $219.00 and a 1-year high of $290.78. The stock has a 50-day moving average of $251.82 and a 200-day moving average of $246.04. The company has a current ratio of 1.40, a quick ratio of 1.36 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $9.49 by $6.13. The business had revenue of $2.06 billion for the quarter, compared to analyst estimates of $1.97 billion. RenaissanceRe had a return on equity of 16.83% and a net margin of 14.23%.RenaissanceRe’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period last year, the company earned $10.23 EPS. As a group, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be issued a $0.40 dividend. The ex-dividend date is 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%.

Analysts Set New Price Targets

RNR has been the topic of a number of research reports. Cowen restated a “hold” rating on shares of RenaissanceRe in a research report on Tuesday, October 7th. Citigroup began coverage on RenaissanceRe in a research report on Wednesday, August 13th. They set a “buy” rating and a $288.00 price objective on the stock. Cantor Fitzgerald raised RenaissanceRe to a “hold” rating in a report on Wednesday, August 13th. Barclays set a $278.00 target price on RenaissanceRe in a research note on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods increased their price target on shares of RenaissanceRe from $268.00 to $269.00 and gave the company a “market perform” rating in a research report on Monday, July 28th. Four investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $283.67.

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.