Texas Permanent School Fund Decreases Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Texas Permanent School Fund reduced its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNRGet Rating) by 6.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 31,181 shares of the insurance provider’s stock after selling 2,143 shares during the period. Texas Permanent School Fund’s holdings in RenaissanceRe were worth $4,943,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of RNR. National Asset Management Inc. purchased a new stake in shares of RenaissanceRe during the 4th quarter worth $249,000. Oppenheimer Asset Management Inc. lifted its position in shares of RenaissanceRe by 35.4% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 10,363 shares of the insurance provider’s stock worth $1,754,000 after purchasing an additional 2,708 shares during the last quarter. Buckley Wealth Management LLC purchased a new stake in shares of RenaissanceRe during the 4th quarter worth $226,000. New York State Common Retirement Fund lifted its position in shares of RenaissanceRe by 41.4% during the 4th quarter. New York State Common Retirement Fund now owns 97,795 shares of the insurance provider’s stock worth $16,560,000 after purchasing an additional 28,655 shares during the last quarter. Finally, Advisor Group Holdings Inc. lifted its position in RenaissanceRe by 22.3% in the fourth quarter. Advisor Group Holdings Inc. now owns 6,206 shares of the insurance provider’s stock valued at $1,051,000 after acquiring an additional 1,130 shares during the last quarter. 98.18% of the stock is owned by hedge funds and other institutional investors.

RenaissanceRe Trading Down 0.1 %

RNR opened at $125.30 on Friday. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of -5.77 and a beta of 0.40. RenaissanceRe Holdings Ltd. has a 52 week low of $124.18 and a 52 week high of $174.54. The business’s 50 day moving average is $145.77 and its two-hundred day moving average is $149.74. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNRGet Rating) last released its quarterly earnings results on Monday, July 25th. The insurance provider reported $5.51 EPS for the quarter, topping the consensus estimate of $5.11 by $0.40. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.73 billion. RenaissanceRe had a positive return on equity of 3.88% and a negative net margin of 19.70%. The firm’s revenue was up 23.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.64 earnings per share. On average, research analysts predict that RenaissanceRe Holdings Ltd. will post 14.65 EPS for the current year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be paid a $0.37 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $1.48 annualized dividend and a dividend yield of 1.18%. RenaissanceRe’s dividend payout ratio (DPR) is currently -6.81%.

Analyst Ratings Changes

Several brokerages have issued reports on RNR. Morgan Stanley dropped their price objective on RenaissanceRe from $175.00 to $162.00 and set an “equal weight” rating on the stock in a report on Monday, May 23rd. Jefferies Financial Group downgraded RenaissanceRe from a “buy” rating to a “hold” rating and dropped their price target for the stock from $173.00 to $162.00 in a research note on Tuesday, July 12th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $180.67.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, Director David C. Bushnell sold 600 shares of RenaissanceRe stock in a transaction that occurred on Friday, May 20th. The stock was sold at an average price of $148.41, for a total value of $89,046.00. Following the transaction, the director now directly owns 19,914 shares in the company, valued at approximately $2,955,436.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Profile

(Get Rating)

RenaissanceRe Holdings Ltd. 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 retrocessional reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as claims arising from other natural and man-made catastrophes comprising 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.

Further Reading

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Institutional Ownership by Quarter for RenaissanceRe (NYSE:RNR)

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