Assetmark Inc. Acquires 43,384 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Assetmark Inc. boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 115.3% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 81,006 shares of the insurance provider’s stock after purchasing an additional 43,384 shares during the period. Assetmark Inc. owned about 0.16% of RenaissanceRe worth $22,066,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. EntryPoint Capital LLC bought a new stake in RenaissanceRe during the 1st quarter worth approximately $46,000. Wedge Capital Management L L P NC bought a new stake in RenaissanceRe during the second quarter valued at about $2,887,000. Russell Investments Group Ltd. lifted its position in shares of RenaissanceRe by 16.9% in the first quarter. Russell Investments Group Ltd. now owns 27,448 shares of the insurance provider’s stock valued at $6,451,000 after acquiring an additional 3,962 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in shares of RenaissanceRe in the first quarter worth about $744,000. Finally, Intech Investment Management LLC grew its position in shares of RenaissanceRe by 52.9% during the second quarter. Intech Investment Management LLC now owns 7,193 shares of the insurance provider’s stock worth $1,608,000 after purchasing an additional 2,490 shares in the last quarter. Institutional investors own 99.97% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on RNR. Wells Fargo & Company upped their price target on RenaissanceRe from $280.00 to $314.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. JPMorgan Chase & Co. upped their target price on shares of RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a research report on Thursday. Barclays started coverage on RenaissanceRe in a research note on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective on the stock. Jefferies Financial Group raised their price objective on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Evercore ISI increased their price target on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, RenaissanceRe has a consensus rating of “Hold” and an average target price of $291.30.

RenaissanceRe Stock Up 0.9 %

Shares of RNR opened at $268.12 on Friday. The firm has a fifty day moving average price of $267.63 and a 200-day moving average price of $241.84. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The firm has a market capitalization of $13.98 billion, a P/E ratio of 3.86, a P/E/G ratio of 1.82 and a beta of 0.39. RenaissanceRe Holdings Ltd. has a 12-month low of $188.24 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.89 by $2.34. The company had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 27.34%. The firm’s quarterly revenue was up 52.1% on a year-over-year basis. During the same period in the previous year, the company earned $8.33 EPS. Equities research analysts expect that RenaissanceRe Holdings Ltd. will post 39.96 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 annualized dividend and a yield of 0.58%. RenaissanceRe’s payout ratio is currently 2.25%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Thursday, September 26th. The stock was sold at an average price of $269.00, for a total transaction of $269,000.00. Following the transaction, the executive vice president now owns 83,044 shares of the company’s stock, valued at approximately $22,338,836. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is currently owned by corporate insiders.

RenaissanceRe Profile

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.