Retirement Systems of Alabama Acquires 8,441 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Retirement Systems of Alabama increased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 7.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 125,847 shares of the insurance provider’s stock after buying an additional 8,441 shares during the period. Retirement Systems of Alabama owned 0.25% of RenaissanceRe worth $24,666,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of RNR. Cooke & Bieler LP lifted its holdings in RenaissanceRe by 97.9% during the 4th quarter. Cooke & Bieler LP now owns 1,088,978 shares of the insurance provider’s stock worth $213,440,000 after purchasing an additional 538,636 shares in the last quarter. Bank of New York Mellon Corp grew its stake in RenaissanceRe by 20.7% during the third quarter. Bank of New York Mellon Corp now owns 1,451,530 shares of the insurance provider’s stock valued at $287,287,000 after acquiring an additional 249,196 shares in the last quarter. AQR Capital Management LLC increased its holdings in RenaissanceRe by 226.8% during the 3rd quarter. AQR Capital Management LLC now owns 280,666 shares of the insurance provider’s stock worth $55,549,000 after acquiring an additional 194,774 shares during the period. Boston Partners lifted its stake in RenaissanceRe by 7.1% in the 3rd quarter. Boston Partners now owns 2,052,716 shares of the insurance provider’s stock worth $406,390,000 after purchasing an additional 135,861 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in RenaissanceRe by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,417,518 shares of the insurance provider’s stock valued at $1,072,235,000 after purchasing an additional 120,302 shares during the period. 99.97% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on RNR. Evercore ISI increased their price objective on RenaissanceRe from $213.00 to $216.00 and gave the stock an “underperform” rating in a research report on Thursday, April 11th. TD Cowen began coverage on RenaissanceRe in a report on Wednesday, January 10th. They set a “market perform” rating for the company. UBS Group raised their target price on shares of RenaissanceRe from $229.00 to $238.00 and gave the company a “neutral” rating in a research note on Monday, February 5th. JPMorgan Chase & Co. boosted their price target on shares of RenaissanceRe from $204.00 to $237.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. Finally, BMO Capital Markets lifted their price objective on shares of RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a report on Monday, February 5th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $247.89.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, Director Carol P. Sanders sold 880 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $227.59, for a total value of $200,279.20. Following the transaction, the director now owns 5,363 shares in the company, valued at $1,220,565.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the completion of the sale, the chief financial officer now owns 70,424 shares in the company, valued at approximately $16,518,653.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Carol P. Sanders sold 880 shares of RenaissanceRe stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $227.59, for a total value of $200,279.20. Following the completion of the sale, the director now owns 5,363 shares in the company, valued at $1,220,565.17. The disclosure for this sale can be found here. Insiders sold 4,130 shares of company stock valued at $958,429 in the last quarter. Company insiders own 1.80% of the company’s stock.

RenaissanceRe Stock Up 1.2 %

RNR opened at $221.69 on Tuesday. RenaissanceRe Holdings Ltd. has a 12 month low of $174.22 and a 12 month high of $239.42. The company has a current ratio of 1.40, a quick ratio of 1.40 and a debt-to-equity ratio of 0.23. The business’s 50-day moving average price is $226.81 and its 200-day moving average price is $216.30. The company has a market cap of $11.69 billion, a P/E ratio of 4.33, a P/E/G ratio of 2.91 and a beta of 0.30.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, January 30th. The insurance provider reported $11.77 EPS for the quarter, topping analysts’ consensus estimates of $8.13 by $3.64. RenaissanceRe had a return on equity of 26.93% and a net margin of 28.04%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same period in the previous year, the firm earned $7.33 EPS. The business’s quarterly revenue was up 17.9% on a year-over-year basis. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 34.43 EPS for the current year.

RenaissanceRe Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $0.39 per share. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date was Thursday, March 14th. RenaissanceRe’s dividend payout ratio is currently 3.05%.

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.