Assetmark Inc. Buys 3,902 Shares of RenaissanceRe Holdings Ltd. $RNR

Assetmark Inc. increased its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.1% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 80,204 shares of the insurance provider’s stock after acquiring an additional 3,902 shares during the period. Assetmark Inc.’s holdings in RenaissanceRe were worth $19,482,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of RNR. 44 Wealth Management LLC raised its position in RenaissanceRe by 7.6% in the 1st quarter. 44 Wealth Management LLC now owns 4,587 shares of the insurance provider’s stock worth $1,101,000 after purchasing an additional 325 shares during the last quarter. Lightrock Netherlands B.V. raised its position in RenaissanceRe by 61.3% in the 1st quarter. Lightrock Netherlands B.V. now owns 29,717 shares of the insurance provider’s stock worth $7,144,000 after purchasing an additional 11,291 shares during the last quarter. ARGA Investment Management LP raised its position in RenaissanceRe by 344.9% in the 1st quarter. ARGA Investment Management LP now owns 24,089 shares of the insurance provider’s stock worth $5,781,000 after purchasing an additional 18,675 shares during the last quarter. M&T Bank Corp raised its position in RenaissanceRe by 3.1% in the 1st quarter. M&T Bank Corp now owns 4,151 shares of the insurance provider’s stock worth $996,000 after purchasing an additional 124 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in RenaissanceRe by 128.4% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,142 shares of the insurance provider’s stock worth $274,000 after purchasing an additional 642 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

RNR has been the subject of several recent research reports. Evercore ISI set a $244.00 target price on shares of RenaissanceRe and gave the company an “in-line” rating in a research report on Wednesday, October 1st. Morgan Stanley dropped their target price on shares of RenaissanceRe from $285.00 to $280.00 and set an “overweight” rating for the company in a research report on Monday, July 14th. Wells Fargo & Company upped their target price on shares of RenaissanceRe from $278.00 to $285.00 and gave the company an “equal weight” rating in a research report on Thursday. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $303.00 target price on shares of RenaissanceRe in a research report on Thursday, October 9th. Finally, UBS Group upped their target price on shares of RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a research report on Wednesday, October 8th. Four equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $283.67.

RenaissanceRe Price Performance

RNR opened at $254.21 on Friday. The company has a quick ratio of 1.36, a current ratio of 1.40 and a debt-to-equity ratio of 0.21. RenaissanceRe Holdings Ltd. has a 12 month low of $219.00 and a 12 month high of $300.00. The company has a fifty day simple moving average of $248.46 and a 200 day simple moving average of $244.46. The stock has a market cap of $11.96 billion, a P/E ratio of 7.06, a P/E/G ratio of 2.08 and a beta of 0.27.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, topping analysts’ consensus estimates of $9.49 by $6.13. The firm had revenue of $2.06 billion during the quarter, compared to analyst estimates of $1.97 billion. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The company’s revenue for the quarter was down 4.8% compared to the same quarter last year. During the same period in the prior year, the business earned $10.23 EPS. On average, research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

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.