New York State Teachers Retirement System reduced its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR – Get Rating) by 0.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 43,258 shares of the insurance provider’s stock after selling 100 shares during the quarter. New York State Teachers Retirement System owned about 0.10% of RenaissanceRe worth $7,969,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fulton Bank N.A. grew its position in shares of RenaissanceRe by 43.7% in the third quarter. Fulton Bank N.A. now owns 2,133 shares of the insurance provider’s stock valued at $299,000 after purchasing an additional 649 shares during the last quarter. Wedge Capital Management L L P NC grew its position in RenaissanceRe by 15.9% during the third quarter. Wedge Capital Management L L P NC now owns 2,199 shares of the insurance provider’s stock worth $309,000 after buying an additional 302 shares in the last quarter. Crossmark Global Holdings Inc. grew its position in RenaissanceRe by 2.8% during the third quarter. Crossmark Global Holdings Inc. now owns 3,800 shares of the insurance provider’s stock worth $533,000 after buying an additional 105 shares in the last quarter. ProShare Advisors LLC grew its position in RenaissanceRe by 17.2% during the third quarter. ProShare Advisors LLC now owns 191,613 shares of the insurance provider’s stock worth $26,900,000 after buying an additional 28,087 shares in the last quarter. Finally, Arizona State Retirement System grew its position in RenaissanceRe by 0.7% during the third quarter. Arizona State Retirement System now owns 12,008 shares of the insurance provider’s stock worth $1,686,000 after buying an additional 89 shares in the last quarter. 95.52% of the stock is owned by institutional investors and hedge funds.
RenaissanceRe Stock Performance
NYSE:RNR opened at $201.32 on Friday. RenaissanceRe Holdings Ltd. has a 1 year low of $124.18 and a 1 year high of $223.80. The firm has a 50 day moving average of $205.30 and a 200-day moving average of $185.21. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.26.
RenaissanceRe Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th were paid a $0.38 dividend. The ex-dividend date of this dividend was Tuesday, March 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.76%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.37. RenaissanceRe’s payout ratio is -5.93%.
Insider Activity
In other news, Director Carol P. Sanders sold 1,515 shares of RenaissanceRe stock in a transaction that occurred on Thursday, February 16th. The shares were sold at an average price of $211.32, for a total value of $320,149.80. Following the completion of the transaction, the director now owns 5,629 shares in the company, valued at $1,189,520.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their target price on RenaissanceRe from $170.00 to $175.00 and gave the stock an “underweight” rating in a research report on Friday, March 31st. Jefferies Financial Group lifted their price objective on RenaissanceRe from $215.00 to $221.00 and gave the company a “hold” rating in a report on Monday, April 10th. BMO Capital Markets began coverage on RenaissanceRe in a report on Thursday, January 19th. They set a “market perform” rating and a $187.00 price objective on the stock. StockNews.com began coverage on RenaissanceRe in a report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, TheStreet raised RenaissanceRe from a “c+” rating to a “b” rating in a report on Tuesday, January 31st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $206.80.
About RenaissanceRe
RenaissanceRe Holdings Ltd. engages in the provision of reinsurance and insurance services. It operates through the following business segments: Property, Casualty and Specialty, and Other. The Property segment focuses on catastrophe, and other property reinsurance and insurance. The Casualty and Specialty segment deals with casualty and specialty reinsurance, and insurance.
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