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

Assetmark Inc. boosted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 115.3% in the third quarter, HoldingsChannel.com reports. The firm owned 81,006 shares of the insurance provider’s stock after acquiring an additional 43,384 shares during the period. Assetmark Inc.’s holdings in RenaissanceRe were worth $22,066,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. V Square Quantitative Management LLC raised its stake in shares of RenaissanceRe by 29.5% during the 3rd quarter. V Square Quantitative Management LLC now owns 180 shares of the insurance provider’s stock worth $49,000 after acquiring an additional 41 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of RenaissanceRe by 19.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 272 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 45 shares during the last quarter. First Citizens Bank & Trust Co. boosted its position in shares of RenaissanceRe by 4.6% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 1,073 shares of the insurance provider’s stock worth $292,000 after purchasing an additional 47 shares in the last quarter. Hilltop National Bank grew its stake in RenaissanceRe by 14.9% during the 2nd quarter. Hilltop National Bank now owns 400 shares of the insurance provider’s stock worth $89,000 after buying an additional 52 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in RenaissanceRe by 23.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 342 shares of the insurance provider’s stock valued at $76,000 after buying an additional 64 shares in the last quarter. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on RNR shares. StockNews.com downgraded RenaissanceRe from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Wells Fargo & Company upped their price target on shares of RenaissanceRe from $280.00 to $314.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Citigroup lifted their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Evercore ISI upped their target price on RenaissanceRe from $229.00 to $246.00 and gave the company an “underperform” rating in a research report on Thursday. Finally, Bank of America lifted their price target on RenaissanceRe from $364.00 to $391.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, RenaissanceRe currently has an average rating of “Hold” and a consensus target price of $291.30.

RenaissanceRe Price Performance

Shares of RNR opened at $268.12 on Friday. The business’s 50-day moving average is $267.63 and its two-hundred day moving average is $241.84. The company 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 fifty-two week low of $188.24 and a fifty-two week high of $300.00. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38.

RenaissanceRe (NYSE:RNR) last posted its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 EPS for the quarter, topping the consensus estimate of $7.89 by $2.34. RenaissanceRe had a return on equity of 27.34% and a net margin of 28.84%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the company earned $8.33 earnings per share. RenaissanceRe’s revenue for the quarter was up 52.1% compared to the same quarter last year. Research analysts predict that RenaissanceRe Holdings Ltd. will post 39.96 earnings per share for the current year.

RenaissanceRe Announces Dividend

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

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the firm’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the sale, the executive vice president now directly owns 82,044 shares in the company, valued at $22,890,276. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is owned by corporate insiders.

RenaissanceRe Company 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.