California State Teachers Retirement System Has $12.06 Million Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

California State Teachers Retirement System cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.3% in the first quarter, Holdings Channel reports. The firm owned 51,291 shares of the insurance provider’s stock after selling 2,851 shares during the quarter. California State Teachers Retirement System’s holdings in RenaissanceRe were worth $12,055,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in RNR. State of Michigan Retirement System grew its stake in shares of RenaissanceRe by 2.4% during the fourth quarter. State of Michigan Retirement System now owns 12,565 shares of the insurance provider’s stock worth $2,463,000 after purchasing an additional 300 shares during the period. Fulton Bank N.A. grew its stake in shares of RenaissanceRe by 24.0% during the fourth quarter. Fulton Bank N.A. now owns 3,436 shares of the insurance provider’s stock worth $673,000 after purchasing an additional 666 shares during the period. New York State Teachers Retirement System grew its stake in shares of RenaissanceRe by 1.5% during the fourth quarter. New York State Teachers Retirement System now owns 51,301 shares of the insurance provider’s stock worth $10,055,000 after purchasing an additional 753 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of RenaissanceRe by 2,235.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 16,864 shares of the insurance provider’s stock worth $3,305,000 after purchasing an additional 16,142 shares during the period. Finally, Custom Index Systems LLC acquired a new position in RenaissanceRe in the fourth quarter valued at about $283,000. 99.97% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the sale, the executive vice president now owns 85,544 shares of the company’s stock, valued at $19,675,120. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Robert Qutub sold 2,500 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $224.56, for a total value of $561,400.00. Following the sale, the chief financial officer now owns 73,915 shares of the company’s stock, valued at $16,598,352.40. The disclosure for this sale can be found here. 1.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

RNR has been the subject of a number of research analyst reports. Bank of America boosted their target price on RenaissanceRe from $334.00 to $347.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. JPMorgan Chase & Co. boosted their price target on RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a report on Thursday, July 25th. UBS Group cut their price target on RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a report on Tuesday, July 9th. Morgan Stanley cut their price target on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 10th. Finally, StockNews.com upgraded RenaissanceRe from a “hold” rating to a “buy” rating in a report on Monday. One analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, RenaissanceRe has an average rating of “Hold” and a consensus price target of $263.40.

RenaissanceRe Stock Performance

NYSE:RNR traded down $0.71 on Friday, hitting $231.15. The company’s stock had a trading volume of 6,739 shares, compared to its average volume of 339,551. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The stock has a fifty day moving average of $224.03 and a two-hundred day moving average of $224.25. The firm has a market capitalization of $12.06 billion, a P/E ratio of 5.12, a price-to-earnings-growth ratio of 1.28 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a one year low of $174.22 and a one year high of $239.42.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.86 by $2.32. The firm had revenue of $3.20 billion for the quarter, compared to analyst estimates of $3.05 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. The business’s revenue for the quarter was up 41.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $8.16 earnings per share. Research analysts predict that RenaissanceRe Holdings Ltd. will post 38.07 earnings per share for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.39 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.56 annualized dividend and a yield of 0.67%. RenaissanceRe’s dividend payout ratio is 3.45%.

RenaissanceRe Company Profile

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.