New York State Common Retirement Fund Cuts Stake in RenaissanceRe Holdings Ltd. $RNR

New York State Common Retirement Fund cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 106,112 shares of the insurance provider’s stock after selling 1,889 shares during the period. New York State Common Retirement Fund owned approximately 0.23% of RenaissanceRe worth $25,775,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the stock. Hantz Financial Services Inc. grew its stake in shares of RenaissanceRe by 707.1% during the 2nd quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock valued at $27,000 after buying an additional 99 shares during the period. IFP Advisors Inc raised its position in shares of RenaissanceRe by 160.0% in the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after buying an additional 72 shares during the period. Huntington National Bank boosted its holdings in RenaissanceRe by 80.9% in the second quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 55 shares during the last quarter. Brooklyn Investment Group grew its position in RenaissanceRe by 151.7% during the first quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 88 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its stake in RenaissanceRe by 43.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider’s stock worth $45,000 after acquiring an additional 56 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RNR. Weiss Ratings reaffirmed a “buy (b)” rating on shares of RenaissanceRe in a research note on Tuesday, November 25th. Morgan Stanley lifted their price target on shares of RenaissanceRe from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Monday, November 17th. The Goldman Sachs Group initiated coverage on shares of RenaissanceRe in a research note on Tuesday, October 14th. They issued a “sell” rating and a $256.00 target price on the stock. Citigroup initiated coverage on shares of RenaissanceRe in a research report on Wednesday, August 13th. They set a “buy” rating and a $288.00 price target for the company. Finally, UBS Group increased their price target on RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a report on Wednesday, October 8th. Four 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 company’s stock. According to data from MarketBeat, RenaissanceRe has an average rating of “Hold” and a consensus price target of $284.50.

RenaissanceRe Stock Performance

RenaissanceRe stock opened at $263.38 on Tuesday. RenaissanceRe Holdings Ltd. has a 12-month low of $219.00 and a 12-month high of $290.78. The company has a market capitalization of $12.14 billion, a price-to-earnings ratio of 7.32, a price-to-earnings-growth ratio of 2.08 and a beta of 0.25. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.40 and a quick ratio of 1.36. The firm’s fifty day moving average price is $257.02 and its 200 day moving average price is $247.64.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share for the quarter, beating analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The company had revenue of $3.20 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the company posted $10.23 EPS. The firm’s revenue for the quarter was down 4.8% on a year-over-year basis. On average, research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Monday, December 15th. RenaissanceRe’s dividend payout ratio (DPR) is 4.45%.

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.