Arizona State Retirement System Sells 90 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Arizona State Retirement System cut its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,137 shares of the insurance provider’s stock after selling 90 shares during the quarter. Arizona State Retirement System’s holdings in RenaissanceRe were worth $3,766,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. SBI Securities Co. Ltd. bought a new stake in shares of RenaissanceRe in the 4th quarter valued at $29,000. MassMutual Private Wealth & Trust FSB increased its position in shares of RenaissanceRe by 51.3% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock worth $30,000 after acquiring an additional 41 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in RenaissanceRe by 1,587.5% in the 4th quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 127 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of RenaissanceRe by 71.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock valued at $39,000 after purchasing an additional 65 shares during the period. Finally, Advisors Asset Management Inc. bought a new position in shares of RenaissanceRe during the third quarter worth about $45,000. Institutional investors own 99.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RNR. JMP Securities reaffirmed a “market perform” rating on shares of RenaissanceRe in a research report on Thursday, January 30th. Barclays downgraded shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $284.00 to $234.00 in a research note on Monday, January 6th. JPMorgan Chase & Co. increased their price target on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a research note on Friday, January 3rd. Wells Fargo & Company lowered their price target on shares of RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a report on Thursday, January 30th. Finally, Morgan Stanley lowered their price objective on RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Friday, January 31st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $279.90.

RenaissanceRe Price Performance

Shares of RenaissanceRe stock opened at $243.81 on Monday. RenaissanceRe Holdings Ltd. has a 52 week low of $208.98 and a 52 week high of $300.00. The company has a quick ratio of 1.42, a current ratio of 1.42 and a debt-to-equity ratio of 0.19. The business has a 50 day moving average of $243.31 and a 200 day moving average of $258.10. The company has a market cap of $12.01 billion, a PE ratio of 6.96, a P/E/G ratio of 2.09 and a beta of 0.38.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share for the quarter, topping the consensus estimate of $6.94 by $1.12. RenaissanceRe had a net margin of 15.99% and a return on equity of 23.41%. As a group, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 0.66%. This is a boost from RenaissanceRe’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, March 14th. RenaissanceRe’s payout ratio is 4.57%.

Insider Buying and Selling

In related news, EVP David E. Marra sold 1,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total transaction of $254,160.00. Following the sale, the executive vice president now owns 79,392 shares of the company’s stock, valued at $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.80% of the stock is owned by company insiders.

About RenaissanceRe

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.