AXQ Capital LP Invests $477,000 in RenaissanceRe Holdings Ltd. (NYSE:RNR)

AXQ Capital LP acquired a new stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) during the 4th quarter, Holdings Channel.com reports. The firm acquired 1,916 shares of the insurance provider’s stock, valued at approximately $477,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Boston Partners grew its position in RenaissanceRe by 28.5% in the 4th quarter. Boston Partners now owns 2,013,382 shares of the insurance provider’s stock valued at $500,991,000 after acquiring an additional 446,781 shares in the last quarter. Impax Asset Management Group plc boosted its stake in shares of RenaissanceRe by 10.8% in the fourth quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider’s stock valued at $466,969,000 after purchasing an additional 182,530 shares during the period. Geode Capital Management LLC grew its holdings in shares of RenaissanceRe by 2.9% in the third quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock valued at $250,892,000 after purchasing an additional 25,773 shares in the last quarter. Sei Investments Co. increased its stake in RenaissanceRe by 19.5% during the 4th quarter. Sei Investments Co. now owns 183,835 shares of the insurance provider’s stock worth $45,744,000 after buying an additional 29,974 shares during the period. Finally, Davis Selected Advisers lifted its holdings in RenaissanceRe by 0.8% during the 4th quarter. Davis Selected Advisers now owns 142,313 shares of the insurance provider’s stock worth $35,409,000 after buying an additional 1,099 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $236.75 on Friday. The firm has a market capitalization of $11.66 billion, a P/E ratio of 6.76, a P/E/G ratio of 2.09 and a beta of 0.38. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. RenaissanceRe Holdings Ltd. has a 52 week low of $208.98 and a 52 week high of $300.00. The firm’s 50 day moving average is $241.01 and its two-hundred day moving average is $257.08.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, topping 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%. Research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.40 dividend. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a dividend yield of 0.68%. The ex-dividend date of this dividend is Friday, March 14th. RenaissanceRe’s payout ratio is presently 4.57%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. JMP Securities restated a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Wells Fargo & Company lowered their target price on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating for the company in a research note on Thursday, January 30th. Barclays lowered RenaissanceRe from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $284.00 to $234.00 in a research report on Monday, January 6th. Jefferies Financial Group reissued a “hold” rating and set a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a research report on Wednesday, December 18th. Finally, Morgan Stanley reduced their target price on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $279.90.

Insider Activity at RenaissanceRe

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total transaction of $254,160.00. Following the transaction, the executive vice president now owns 79,392 shares of the company’s stock, valued at $20,178,270.72. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.30% of the company’s stock.

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.