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

AXQ Capital LP purchased a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,736 shares of the insurance provider’s stock, valued at approximately $441,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Impax Asset Management Group plc increased its holdings in RenaissanceRe by 11.2% during the 2nd quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock valued at $295,494,000 after acquiring an additional 122,732 shares in the last quarter. Bank of America Corp DE grew its position 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 purchasing an additional 120,063 shares during the last quarter. Norges Bank purchased a new position in shares of RenaissanceRe during the 2nd quarter worth approximately $139,543,000. Great Lakes Advisors LLC raised its position in shares of RenaissanceRe by 12.2% during the 3rd quarter. Great Lakes Advisors LLC now owns 490,283 shares of the insurance provider’s stock worth $124,498,000 after purchasing an additional 53,303 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in RenaissanceRe by 0.9% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 334,326 shares of the insurance provider’s stock valued at $81,208,000 after buying an additional 3,070 shares in the last quarter. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

RenaissanceRe Stock Down 2.3%

Shares of RNR opened at $298.32 on Thursday. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $315.88. The company’s fifty day moving average is $284.76 and its two-hundred day moving average is $264.61. 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 quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.21.

RenaissanceRe (NYSE:RNR) last issued its earnings results 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. RenaissanceRe had a return on equity of 18.29% and a net margin of 20.88%.The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the company posted $8.06 EPS. The business’s quarterly revenue was up 29.6% on a year-over-year basis. Analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

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

Insider Activity

In other news, EVP Robert Qutub sold 5,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the executive vice president owned 73,023 shares in the company, valued at approximately $22,326,782.25. The trade was a 6.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

RNR has been the subject of several recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. JPMorgan Chase & Co. raised their price target on shares of RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 7th. Barclays lifted their price target on shares of RenaissanceRe from $278.00 to $304.00 and gave the stock an “equal weight” rating in a report on Thursday, January 8th. TD Cowen reissued a “hold” rating on shares of RenaissanceRe in a research note on Thursday, January 8th. Finally, Citigroup raised their target price on shares of RenaissanceRe from $328.00 to $333.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 18th. Four investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $309.60.

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.