Retirement Systems of Alabama Decreases Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Retirement Systems of Alabama decreased its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 5.3% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 118,757 shares of the insurance provider's stock after selling 6,608 shares during the period. Retirement Systems of Alabama owned approximately 0.23% of RenaissanceRe worth $32,349,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cetera Advisors LLC bought a new position in RenaissanceRe during the 1st quarter worth approximately $201,000. CWM LLC increased its stake in shares of RenaissanceRe by 28.4% in the second quarter. CWM LLC now owns 783 shares of the insurance provider's stock worth $175,000 after buying an additional 173 shares during the period. Wealth Enhancement Advisory Services LLC raised its holdings in RenaissanceRe by 1.3% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 6,681 shares of the insurance provider's stock valued at $1,493,000 after buying an additional 87 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its position in RenaissanceRe by 19.8% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 4,311 shares of the insurance provider's stock valued at $964,000 after buying an additional 713 shares during the period. Finally, Blue Trust Inc. bought a new stake in RenaissanceRe in the 2nd quarter worth $27,000. Institutional investors own 99.97% of the company's stock.

RenaissanceRe Stock Down 0.0 %

NYSE RNR traded down $0.08 during trading hours on Friday, reaching $267.76. 348,764 shares of the company's stock traded hands, compared to its average volume of 359,947. The firm has a market cap of $13.91 billion, a PE ratio of 3.86, a PEG ratio of 1.32 and a beta of 0.41. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.43 and a quick ratio of 1.43. RenaissanceRe Holdings Ltd. has a 52-week low of $188.24 and a 52-week high of $300.00. The firm has a 50-day simple moving average of $272.33 and a 200 day simple moving average of $250.20.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.89 by $2.34. The firm had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.35 billion. RenaissanceRe had a net margin of 28.84% and a return on equity of 26.31%. The business's revenue was up 52.1% on a year-over-year basis. During the same period last year, the business earned $8.33 earnings per share. Sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 41.94 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.58%. RenaissanceRe's dividend payout ratio is currently 2.25%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RNR shares. StockNews.com lowered shares of RenaissanceRe from a "buy" rating to a "hold" rating in a report on Tuesday, October 22nd. Wells Fargo & Company increased their price objective on RenaissanceRe from $280.00 to $314.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. Barclays began coverage on RenaissanceRe in a research note on Wednesday, September 4th. They set an "equal weight" rating and a $287.00 target price on the stock. Citigroup raised their price target on RenaissanceRe from $262.00 to $298.00 and gave the stock a "buy" rating in a research note on Tuesday, September 10th. Finally, Bank of America boosted their price objective on shares of RenaissanceRe from $364.00 to $391.00 and gave the company a "buy" rating in a research report on Thursday, October 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, RenaissanceRe presently has a consensus rating of "Hold" and an average target price of $293.00.

Insider Activity

In related news, EVP David E. Marra sold 1,000 shares of the business's stock in a transaction that occurred on Thursday, September 26th. The shares were sold at an average price of $269.00, for a total value of $269,000.00. Following the completion of the transaction, the executive vice president now directly owns 83,044 shares in the company, valued at $22,338,836. The trade was a 1.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.30% of the company's stock.

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.