Mirae Asset Global Investments Co. Ltd. Makes New Investment in RenaissanceRe Holdings Ltd. $RNR

Mirae Asset Global Investments Co. Ltd. bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the third quarter, according to its most recent filing with the SEC. The fund bought 2,041 shares of the insurance provider’s stock, valued at approximately $650,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ashurst Perkins Coie Trust Co bought a new position in RenaissanceRe during the third quarter valued at about $26,000. Elevation Wealth Partners LLC raised its position in RenaissanceRe by 90.0% in the third quarter. Elevation Wealth Partners LLC now owns 95 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 45 shares during the period. Continuum Advisory LLC bought a new stake in RenaissanceRe in the second quarter worth about $38,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in RenaissanceRe in the second quarter worth about $42,000. Finally, Versant Capital Management Inc boosted its stake in RenaissanceRe by 155.3% in the third quarter. Versant Capital Management Inc now owns 194 shares of the insurance provider’s stock valued at $62,000 after acquiring an additional 118 shares during the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $346.75 on Monday. The firm’s 50 day moving average is $335.19 and its 200 day moving average is $312.00. The stock has a market capitalization of $14.01 billion, a P/E ratio of 9.97, a PEG ratio of 0.89 and a beta of 0.11. RenaissanceRe Holdings Ltd. has a 12 month low of $251.60 and a 12 month high of $363.84. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, October 27th. The insurance provider reported $12.71 earnings per share for the quarter, beating analysts’ consensus estimates of $10.56 by $2.15. RenaissanceRe had a net margin of 16.25% and a return on equity of 21.13%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.78 billion. During the same period in the previous year, the business earned $15.62 EPS. On average, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 49.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. Citigroup lifted their price target on shares of RenaissanceRe from $370.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, October 29th. Bank of America upped their price objective on RenaissanceRe from $410.00 to $438.00 and gave the company a “buy” rating in a research note on Thursday, July 23rd. Wells Fargo & Company upped their price objective on RenaissanceRe from $319.00 to $338.00 and gave the company an “equal weight” rating in a research note on Monday, November 2nd. Finally, Mizuho set a $352.00 price objective on RenaissanceRe in a report on Monday, November 2nd. Five investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $343.69.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based provider of reinsurance and insurance, serving clients around the world. The company focuses on helping insurers and other businesses manage risks that can be difficult to predict or absorb.

Its main offerings include property catastrophe reinsurance, which helps protect insurers against losses from events such as hurricanes and earthquakes, as well as casualty and specialty reinsurance and insurance. RenaissanceRe also manages capital on behalf of third-party investors and uses risk modeling to assess and manage its exposure.

Founded in Bermuda in 1993, RenaissanceRe was established to address demand for catastrophe risk coverage.