Concentric Capital Strategies LP Takes $2.96 Million Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Concentric Capital Strategies LP purchased a new stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 10,859 shares of the insurance provider's stock, valued at approximately $2,958,000.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. purchased a new stake in RenaissanceRe in the second quarter valued at approximately $27,000. ORG Wealth Partners LLC purchased a new stake in shares of RenaissanceRe in the 3rd quarter valued at $30,000. V Square Quantitative Management LLC acquired a new stake in shares of RenaissanceRe in the second quarter worth $31,000. UMB Bank n.a. lifted its position in RenaissanceRe by 316.7% during the third quarter. UMB Bank n.a. now owns 125 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 95 shares during the period. Finally, Advisors Asset Management Inc. purchased a new stake in RenaissanceRe in the third quarter valued at $45,000. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Price Performance

RNR stock traded up $0.35 during mid-day trading on Tuesday, reaching $287.82. The company's stock had a trading volume of 163,323 shares, compared to its average volume of 358,322. RenaissanceRe Holdings Ltd. has a fifty-two week low of $188.24 and a fifty-two week high of $300.00. The stock has a market cap of $14.95 billion, a PE ratio of 4.14, a P/E/G ratio of 1.40 and a beta of 0.41. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18. The company's 50 day moving average is $271.36 and its two-hundred day moving average is $247.49.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, beating analysts' consensus estimates of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The company had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the business earned $8.33 earnings per share. The company's revenue for the quarter was up 52.1% on a year-over-year basis. Equities research analysts expect that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current year.

RenaissanceRe Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a yield of 0.54%. RenaissanceRe's dividend payout ratio (DPR) is presently 2.25%.

Insider Transactions at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the business's stock in a transaction on Friday, October 4th. The shares were sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the transaction, the executive vice president now owns 82,044 shares in the company, valued at approximately $22,890,276. The trade was a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.80% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Jefferies Financial Group boosted their price objective on RenaissanceRe from $270.00 to $314.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Wells Fargo & Company upped their price objective on RenaissanceRe from $280.00 to $314.00 and gave the stock an "overweight" rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. lifted their target price on shares of RenaissanceRe from $274.00 to $280.00 and gave the company a "neutral" rating in a report on Thursday, November 7th. Citigroup raised their price target on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a "buy" rating in a research report on Tuesday, September 10th. Finally, StockNews.com downgraded shares of RenaissanceRe from a "buy" rating to a "hold" rating in a research report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $293.00.

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.