New York State Teachers Retirement System Acquires 3,707 Shares of RenaissanceRe Holdings Ltd. $RNR

New York State Teachers Retirement System increased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 7.4% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 53,661 shares of the insurance provider’s stock after purchasing an additional 3,707 shares during the period. New York State Teachers Retirement System’s holdings in RenaissanceRe were worth $13,626,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Norges Bank purchased a new stake in RenaissanceRe during the second quarter valued at about $139,543,000. JPMorgan Chase & Co. increased its holdings in shares of RenaissanceRe by 152.5% in the second quarter. JPMorgan Chase & Co. now owns 239,330 shares of the insurance provider’s stock worth $58,136,000 after buying an additional 144,547 shares during the period. Impax Asset Management Group plc lifted its stake in shares of RenaissanceRe by 11.2% in the 2nd quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock valued at $295,494,000 after acquiring an additional 122,732 shares during the last quarter. Bank of America Corp DE lifted its position in RenaissanceRe by 17.6% in the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after purchasing an additional 120,063 shares during the last quarter. Finally, Mackenzie Financial Corp raised its position in RenaissanceRe by 111.8% during the 2nd quarter. Mackenzie Financial Corp now owns 167,420 shares of the insurance provider’s stock valued at $40,666,000 after purchasing an additional 88,367 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

RenaissanceRe Stock Down 1.4%

Shares of RenaissanceRe stock opened at $270.92 on Wednesday. The company has a 50-day simple moving average of $270.09 and a two-hundred day simple moving average of $254.11. The stock has a market capitalization of $12.49 billion, a PE ratio of 7.53, a price-to-earnings-growth ratio of 6.47 and a beta of 0.26. RenaissanceRe Holdings Ltd. has a 52-week low of $219.00 and a 52-week high of $285.26. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.40.

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

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were paid a $0.40 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. RenaissanceRe’s dividend payout ratio is 4.45%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on RNR shares. UBS Group boosted their price target 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. Morgan Stanley reiterated an “overweight” rating and set a $300.00 target price on shares of RenaissanceRe in a report on Tuesday, December 16th. Evercore ISI raised their target price on RenaissanceRe from $250.00 to $283.00 and gave the company an “in-line” rating in a research note on Wednesday, January 7th. Zacks Research lowered RenaissanceRe from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 6th. Finally, Barclays increased their price objective on RenaissanceRe from $278.00 to $304.00 and gave the stock an “equal weight” rating in a report on Thursday, January 8th. Five research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $295.40.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.