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

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

A number of other hedge funds have also recently modified their holdings of the business. Cooke & Bieler LP lifted its stake in shares of 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 acquiring an additional 538,636 shares during the last quarter. Bank of New York Mellon Corp increased its stake in RenaissanceRe by 20.7% in the third quarter. Bank of New York Mellon Corp now owns 1,451,530 shares of the insurance provider’s stock worth $287,287,000 after purchasing an additional 249,196 shares during the period. AQR Capital Management LLC lifted its position in shares of RenaissanceRe by 226.8% during the third quarter. AQR Capital Management LLC now owns 280,666 shares of the insurance provider’s stock worth $55,549,000 after purchasing an additional 194,774 shares during the last quarter. Boston Partners grew its holdings in shares of RenaissanceRe by 7.1% in the third 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 during the last quarter. Finally, Vanguard Group Inc. increased its stake in RenaissanceRe by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 5,417,518 shares of the insurance provider’s stock worth $1,072,235,000 after buying an additional 120,302 shares during the period. Institutional investors own 99.97% of the company’s stock.

Wall Street Analysts Forecast Growth

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

RenaissanceRe Trading Up 1.2 %

NYSE RNR opened at $221.69 on Tuesday. The company has a 50 day moving average price of $226.81 and a 200 day moving average price of $216.30. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.23. RenaissanceRe Holdings Ltd. has a 52 week low of $174.22 and a 52 week high of $239.42. The firm has a market cap of $11.69 billion, a PE ratio of 4.33, a price-to-earnings-growth ratio of 2.91 and a beta of 0.30.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share 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 firm had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.83 billion. During the same quarter last year, the firm earned $7.33 EPS. The business’s quarterly revenue was up 17.9% on a year-over-year basis. As a group, sell-side analysts forecast that RenaissanceRe Holdings Ltd. will post 34.43 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

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

Insider Activity

In related news, EVP David E. Marra sold 750 shares of RenaissanceRe stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total value of $171,750.00. Following the completion of the sale, the executive vice president now directly owns 79,699 shares in the company, valued at approximately $18,251,071. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Carol P. Sanders sold 880 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 5,363 shares in the company, valued at $1,220,565.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP David E. Marra sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total value of $171,750.00. Following the completion of the sale, the executive vice president now owns 79,699 shares in the company, valued at approximately $18,251,071. The disclosure for this sale can be found here. Insiders have sold a total of 4,130 shares of company stock worth $958,429 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

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.