AXQ Capital LP Purchases Shares of 1,916 RenaissanceRe Holdings Ltd. (NYSE:RNR)

AXQ Capital LP bought a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,916 shares of the insurance provider's stock, valued at approximately $477,000.

Several other hedge funds have also modified their holdings of RNR. Boston Partners grew its holdings in RenaissanceRe by 28.5% during the fourth quarter. Boston Partners now owns 2,013,382 shares of the insurance provider's stock worth $500,991,000 after acquiring an additional 446,781 shares during the period. Impax Asset Management Group plc grew its stake in shares of RenaissanceRe by 10.8% during the 4th quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider's stock worth $466,969,000 after purchasing an additional 182,530 shares during the period. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of RenaissanceRe in the 3rd quarter valued at about $18,969,000. Northwest & Ethical Investments L.P. acquired a new stake in shares of RenaissanceRe in the third quarter valued at about $17,086,000. Finally, World Investment Advisors LLC purchased a new stake in RenaissanceRe during the third quarter worth about $16,176,000. 99.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RNR has been the subject of a number of research reports. JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Jefferies Financial Group reaffirmed a "hold" rating and set a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. Barclays lowered RenaissanceRe from an "equal weight" rating to an "underweight" rating and lowered their target price for the company from $284.00 to $234.00 in a report on Monday, January 6th. Wells Fargo & Company cut their price target on RenaissanceRe from $288.00 to $277.00 and set an "overweight" rating for the company in a research note on Thursday, January 30th. Finally, Bank of America decreased their price objective on shares of RenaissanceRe from $437.00 to $426.00 and set a "buy" rating on the stock in a research report on Wednesday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $283.40.

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Insider Activity

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the firm's stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the sale, the executive vice president now directly owns 79,392 shares of the company's stock, valued at approximately $20,178,270.72. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.30% of the company's stock.

RenaissanceRe Trading Up 1.0 %

NYSE:RNR traded up $2.51 on Thursday, reaching $246.78. The stock had a trading volume of 322,855 shares, compared to its average volume of 393,075. The company has a market cap of $12.15 billion, a price-to-earnings ratio of 7.05, a P/E/G ratio of 2.09 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. The firm's fifty day moving average is $240.27 and its two-hundred day moving average is $256.70.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share (EPS) 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%. Equities analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.40 per share. This is a boost from RenaissanceRe's previous quarterly dividend of $0.39. The ex-dividend date is Friday, March 14th. This represents a $1.60 annualized dividend and a dividend yield of 0.65%. RenaissanceRe's dividend payout ratio (DPR) is 4.57%.

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.