AXQ Capital LP Takes $441,000 Position in RenaissanceRe Holdings Ltd. $RNR

AXQ Capital LP bought a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 3rd quarter, Holdings Channel.com reports. The firm bought 1,736 shares of the insurance provider’s stock, valued at approximately $441,000.

A number of other institutional investors have also recently added to or reduced their stakes in RNR. Norges Bank purchased a new position in RenaissanceRe in the second quarter valued at about $139,543,000. JPMorgan Chase & Co. boosted its position in shares of RenaissanceRe by 152.5% in the second quarter. JPMorgan Chase & Co. now owns 239,330 shares of the insurance provider’s stock worth $58,136,000 after buying an additional 144,547 shares during the period. Impax Asset Management Group plc grew its stake in shares of RenaissanceRe by 11.2% in the second quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock valued at $295,494,000 after buying an additional 122,732 shares in the last quarter. Bank of America Corp DE grew its stake in shares of RenaissanceRe by 17.6% in the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after buying an additional 120,063 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of RenaissanceRe by 111.8% during the 2nd quarter. Mackenzie Financial Corp now owns 167,420 shares of the insurance provider’s stock valued at $40,666,000 after buying an additional 88,367 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Stock Down 2.3%

Shares of NYSE:RNR opened at $298.32 on Thursday. The firm has a market cap of $12.97 billion, a PE ratio of 5.26, a price-to-earnings-growth ratio of 0.75 and a beta of 0.24. The company has a fifty day simple moving average of $284.76 and a 200 day simple moving average of $264.61. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $315.88.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, February 3rd. The insurance provider reported $13.34 earnings per share for the quarter, topping the consensus estimate of $10.59 by $2.75. The company had revenue of $2.97 billion during the quarter, compared to analyst estimates of $1.73 billion. RenaissanceRe had a net margin of 20.88% and a return on equity of 18.29%. The firm’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same period last year, the business earned $8.06 EPS. On average, equities research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $0.41 dividend. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.40. This represents a $1.64 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Friday, March 13th. RenaissanceRe’s dividend payout ratio is presently 2.82%.

Wall Street Analysts Forecast Growth

RNR has been the subject of a number of analyst reports. BMO Capital Markets restated an “outperform” rating and issued a $303.00 price target on shares of RenaissanceRe in a report on Friday, December 5th. Wall Street Zen upgraded shares of RenaissanceRe from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. UBS Group restated a “neutral” rating and issued a $312.00 target price on shares of RenaissanceRe in a research note on Monday, February 9th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $267.00 price target on shares of RenaissanceRe in a report on Wednesday, January 7th. Finally, Wells Fargo & Company lifted their price target on shares of RenaissanceRe from $281.00 to $306.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $309.60.

Insider Transactions at RenaissanceRe

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The stock was sold at an average price of $305.75, for a total transaction of $1,528,750.00. Following the sale, the executive vice president owned 73,023 shares in the company, valued at $22,326,782.25. This represents a 6.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.30% of the stock is owned by insiders.

About RenaissanceRe

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.