RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Bought by Qsemble Capital Management LP

Qsemble Capital Management LP raised its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 42.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,063 shares of the insurance provider’s stock after purchasing an additional 619 shares during the quarter. Qsemble Capital Management LP’s holdings in RenaissanceRe were worth $485,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Inspire Investing LLC acquired a new position in shares of RenaissanceRe in the 1st quarter valued at $880,000. Sei Investments Co. raised its stake in shares of RenaissanceRe by 12.3% in the 1st quarter. Sei Investments Co. now owns 78,215 shares of the insurance provider’s stock valued at $18,387,000 after acquiring an additional 8,543 shares during the period. Concurrent Investment Advisors LLC purchased a new position in shares of RenaissanceRe in the 1st quarter valued at $744,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of RenaissanceRe in the 1st quarter valued at $704,000. Finally, Illinois Municipal Retirement Fund raised its stake in shares of RenaissanceRe by 76.2% in the 1st quarter. Illinois Municipal Retirement Fund now owns 6,924 shares of the insurance provider’s stock valued at $1,627,000 after acquiring an additional 2,995 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Up 0.8 %

RNR stock traded up $1.93 during mid-day trading on Wednesday, hitting $231.30. 54,752 shares of the company were exchanged, compared to its average volume of 337,265. The company has a market capitalization of $12.23 billion, a PE ratio of 5.07, a price-to-earnings-growth ratio of 1.61 and a beta of 0.38. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a twelve month low of $174.22 and a twelve month high of $239.42. The firm has a fifty day simple moving average of $223.95 and a 200 day simple moving average of $222.40.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share for the quarter, topping the consensus estimate of $9.86 by $2.32. RenaissanceRe had a net margin of 24.79% and a return on equity of 27.09%. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.05 billion. During the same period last year, the business earned $8.16 EPS. The firm’s revenue for the quarter was up 41.3% compared to the same quarter last year. On average, research analysts forecast that RenaissanceRe Holdings Ltd. will post 36.88 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.67%. The ex-dividend date of this dividend was Friday, June 14th. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Bank of America raised their target price on shares of RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. Evercore ISI lifted their price target on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. UBS Group dropped their price target on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. Morgan Stanley dropped their price target on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 10th. Finally, JPMorgan Chase & Co. lifted their price target on shares of RenaissanceRe from $245.00 to $265.00 and gave the stock a “neutral” rating in a research note on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $261.33.

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.