RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by State of Michigan Retirement System

Posted by Defense World Staff on Jul 22nd, 2023

State of Michigan Retirement System decreased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR – Free Report) by 0.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,065 shares of the insurance provider’s stock after selling 100 shares during the period. State of Michigan Retirement System’s holdings in RenaissanceRe were worth $2,217,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Financial Management Professionals Inc. acquired a new position in shares of RenaissanceRe in the first quarter worth $29,000. EverSource Wealth Advisors LLC acquired a new position in shares of RenaissanceRe in the fourth quarter worth $38,000. Heritage Wealth Management LLC grew its stake in shares of RenaissanceRe by 84.6% in the fourth quarter. Heritage Wealth Management LLC now owns 240 shares of the insurance provider’s stock worth $44,000 after acquiring an additional 110 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of RenaissanceRe by 197.3% in the first quarter. Parallel Advisors LLC now owns 220 shares of the insurance provider’s stock worth $44,000 after acquiring an additional 146 shares in the last quarter. Finally, Signaturefd LLC grew its stake in shares of RenaissanceRe by 30.0% in the fourth quarter. Signaturefd LLC now owns 312 shares of the insurance provider’s stock worth $57,000 after acquiring an additional 72 shares in the last quarter. Institutional investors and hedge funds own 93.15% of the company’s stock.

Insider Activity

In other RenaissanceRe news, CEO Kevin Odonnell bought 13,020 shares of RenaissanceRe stock in a transaction dated Friday, May 26th. The stock was acquired at an average cost of $192.00 per share, with a total value of $2,499,840.00. Following the completion of the acquisition, the chief executive officer now owns 296,025 shares of the company’s stock, valued at $56,836,800. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.30% of the company’s stock.

RenaissanceRe Price Performance

Shares of RNR opened at $202.80 on Friday. The firm has a fifty day moving average price of $191.62 and a 200 day moving average price of $199.25. RenaissanceRe Holdings Ltd. has a 1-year low of $124.18 and a 1-year high of $223.80. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.31 and a quick ratio of 1.31. The stock has a market cap of $8.91 billion, a PE ratio of -56.02 and a beta of 0.43.

RenaissanceRe (NYSE:RNR – Get Free Report) last announced its earnings results on Tuesday, May 2nd. The insurance provider reported $8.16 EPS for the quarter, beating analysts’ consensus estimates of $7.34 by $0.82. RenaissanceRe had a negative net margin of 1.61% and a positive return on equity of 11.89%. The business had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.40 billion. During the same period in the prior year, the company earned $3.50 earnings per share. The business’s revenue was up 4.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 23.33 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Thursday, June 15th were issued a $0.38 dividend. The ex-dividend date of this dividend was Wednesday, June 14th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.75%. RenaissanceRe’s payout ratio is -41.99%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on RNR shares. BMO Capital Markets upgraded shares of RenaissanceRe from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $198.00 to $216.00 in a research note on Tuesday, July 11th. TheStreet downgraded shares of RenaissanceRe from a “b-” rating to a “c+” rating in a research note on Thursday, June 8th. Jefferies Financial Group upgraded shares of RenaissanceRe from a “hold” rating to a “buy” rating and boosted their target price for the stock from $234.00 to $238.00 in a research note on Thursday, May 25th. StockNews.com started coverage on shares of RenaissanceRe in a research note on Thursday, May 18th. They set a “hold” rating for the company. Finally, Wells Fargo & Company boosted their target price on shares of RenaissanceRe from $245.00 to $256.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $221.40.

RenaissanceRe Profile

(Free Report)

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.