RenaissanceRe Holdings Ltd. $RNR Stock Purchased by Retirement Systems of Alabama

Retirement Systems of Alabama increased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 18.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 52,195 shares of the insurance provider’s stock after purchasing an additional 8,100 shares during the period. Retirement Systems of Alabama owned about 0.13% of RenaissanceRe worth $16,610,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in RenaissanceRe during the second quarter valued at $1,319,724,000. Lightrock Netherlands B.V. lifted its position in RenaissanceRe by 15.8% in the 1st quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider’s stock worth $350,263,000 after buying an additional 160,915 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of RenaissanceRe by 5.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider’s stock valued at $322,603,000 after buying an additional 52,371 shares during the period. GQG Partners LLC purchased a new position in shares of RenaissanceRe during the 2nd quarter valued at $185,351,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of RenaissanceRe in the second quarter worth $116,717,000. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Stock Performance

Shares of NYSE RNR opened at $354.50 on Friday. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.22. The business’s 50 day moving average is $337.05 and its two-hundred day moving average is $313.59. The company has a market cap of $14.33 billion, a P/E ratio of 10.19, a P/E/G ratio of 0.91 and a beta of 0.11. RenaissanceRe Holdings Ltd. has a 12 month low of $251.60 and a 12 month high of $363.84.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings results on Tuesday, October 27th. The insurance provider reported $12.71 earnings per share for the quarter, beating analysts’ consensus estimates of $10.56 by $2.15. RenaissanceRe had a net margin of 16.25% and a return on equity of 21.13%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the prior year, the firm earned $15.62 EPS. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 49.24 EPS for the current year.

RenaissanceRe Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be given a $0.41 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio (DPR) is currently 4.72%.

Analyst Ratings Changes

Several research analysts have weighed in on RNR shares. Keefe, Bruyette & Woods upped their target price on RenaissanceRe from $342.00 to $350.00 and gave the stock a “market perform” rating in a research report on Monday, July 27th. Mizuho set a $352.00 price target on shares of RenaissanceRe in a report on Monday, November 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of RenaissanceRe in a research report on Thursday, July 23rd. Weiss Ratings cut RenaissanceRe from a “buy (b+)” rating to a “hold (c+)” rating in a research report on Thursday, October 29th. Finally, Wells Fargo & Company raised their price objective on RenaissanceRe from $319.00 to $338.00 and gave the company an “equal weight” rating in a research note on Monday, November 2nd. Five equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $343.69.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based provider of reinsurance and insurance, serving clients around the world. The company focuses on helping insurers and other businesses manage risks that can be difficult to predict or absorb. Its main offerings include property catastrophe reinsurance, which helps protect insurers against losses from events such as hurricanes and earthquakes, as well as casualty and specialty reinsurance and insurance. RenaissanceRe also manages capital on behalf of third-party investors and uses risk modeling to assess and manage its exposure.