California Public Employees Retirement System Has $59.83 Million Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

California Public Employees Retirement System cut its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 1.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 240,446 shares of the insurance provider's stock after selling 4,228 shares during the period. California Public Employees Retirement System owned 0.46% of RenaissanceRe worth $59,825,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in RenaissanceRe during the 4th quarter valued at $173,530,000. Boston Partners raised its holdings in RenaissanceRe by 28.5% in the 4th quarter. Boston Partners now owns 2,013,382 shares of the insurance provider's stock valued at $500,991,000 after acquiring an additional 446,781 shares during the period. Impax Asset Management Group plc lifted its position in RenaissanceRe by 10.8% during the fourth quarter. Impax Asset Management Group plc now owns 1,880,166 shares of the insurance provider's stock worth $466,969,000 after acquiring an additional 182,530 shares during the last quarter. Philadelphia Financial Management of San Francisco LLC acquired a new position in shares of RenaissanceRe in the third quarter valued at approximately $18,969,000. Finally, World Investment Advisors LLC bought a new position in shares of RenaissanceRe during the third quarter worth approximately $16,176,000. 99.97% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RNR. Jefferies Financial Group reissued a "hold" rating and set a $282.00 target price (down previously from $304.00) on shares of RenaissanceRe in a report on Wednesday, December 18th. 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 note on Friday, January 31st. Bank of America cut their target price on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research report on Wednesday, March 26th. Wells Fargo & Company decreased their price target on RenaissanceRe from $288.00 to $277.00 and set an "overweight" rating on the stock in a research report on Thursday, January 30th. Finally, Barclays cut shares of RenaissanceRe from an "equal weight" rating to an "underweight" rating and cut their price objective for the stock from $284.00 to $234.00 in a research report on Monday, January 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $283.40.

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RenaissanceRe Price Performance

Shares of NYSE RNR traded down $4.00 during mid-day trading on Thursday, hitting $245.15. 299,321 shares of the stock traded hands, compared to its average volume of 411,446. RenaissanceRe Holdings Ltd. has a twelve month low of $208.98 and a twelve month high of $300.00. The firm has a 50 day simple moving average of $238.89 and a two-hundred day simple moving average of $256.21. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.42 and a quick ratio of 1.42. The company has a market cap of $12.01 billion, a PE ratio of 7.00, a price-to-earnings-growth ratio of 2.09 and a beta of 0.29.

RenaissanceRe (NYSE:RNR - Get Free Report) last announced its quarterly earnings results on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating analysts' consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. As a group, equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a $0.40 dividend. This is a boost from RenaissanceRe's previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 0.65%. The ex-dividend date of this dividend was Friday, March 14th. RenaissanceRe's dividend payout ratio is 4.57%.

Insider Activity

In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the sale, the executive vice president now owns 79,392 shares of the company's stock, valued at approximately $20,178,270.72. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.30% of the company's stock.

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.