Teacher Retirement System of Texas Sells 7,671 Shares of RenaissanceRe Holdings Ltd. (RNR)
Teacher Retirement System of Texas reduced its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 8.7% during the second quarter, Holdings Channel reports. The institutional investor owned 80,907 shares of the insurance provider’s stock after selling 7,671 shares during the period. Teacher Retirement System of Texas’ holdings in RenaissanceRe Holdings were worth $11,250,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Macquarie Group Ltd. raised its stake in shares of RenaissanceRe Holdings by 28.5% in the fourth quarter. Macquarie Group Ltd. now owns 1,414 shares of the insurance provider’s stock worth $193,000 after buying an additional 314 shares in the last quarter. Neuburgh Advisers LLC raised its stake in shares of RenaissanceRe Holdings by 4.6% in the first quarter. Neuburgh Advisers LLC now owns 1,456 shares of the insurance provider’s stock worth $211,000 after buying an additional 64 shares in the last quarter. Parametrica Management Ltd purchased a new stake in shares of RenaissanceRe Holdings during the second quarter worth approximately $220,000. Engineers Gate Manager LP purchased a new stake in shares of RenaissanceRe Holdings during the first quarter worth approximately $231,000. Finally, Lbmc Investment Advisors LLC purchased a new stake in shares of RenaissanceRe Holdings during the first quarter worth approximately $253,000. Hedge funds and other institutional investors own 92.83% of the company’s stock.
Shares of RenaissanceRe Holdings Ltd. (RNR) opened at 147.98 on Monday. The firm has a 50-day moving average price of $143.66 and a 200 day moving average price of $142.82. RenaissanceRe Holdings Ltd. has a 52-week low of $116.27 and a 52-week high of $152.00. The stock has a market cap of $5.96 billion, a price-to-earnings ratio of 12.63 and a beta of 0.65.
RenaissanceRe Holdings (NYSE:RNR) last announced its quarterly earnings results on Tuesday, July 25th. The insurance provider reported $2.79 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.46. The company had revenue of $555.75 million during the quarter, compared to analyst estimates of $540.65 million. RenaissanceRe Holdings had a return on equity of 8.49% and a net margin of 28.30%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.55 earnings per share. Analysts expect that RenaissanceRe Holdings Ltd. will post $8.66 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.28 annualized dividend and a yield of 0.86%. RenaissanceRe Holdings’s dividend payout ratio is presently 10.90%.
RenaissanceRe Holdings announced that its Board of Directors has approved a stock buyback program on Wednesday, May 17th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the insurance provider to repurchase up to 99% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
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A number of brokerages recently commented on RNR. BidaskClub upgraded RenaissanceRe Holdings from a “sell” rating to a “hold” rating in a research report on Thursday, August 3rd. ValuEngine upgraded RenaissanceRe Holdings from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Wells Fargo & Company reiterated a “hold” rating and issued a $140.00 target price on shares of RenaissanceRe Holdings in a research report on Wednesday, July 26th. UBS AG reiterated a “neutral” rating and issued a $145.00 target price (up previously from $139.00) on shares of RenaissanceRe Holdings in a research report on Tuesday, August 1st. Finally, J P Morgan Chase & Co lowered RenaissanceRe Holdings from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $165.00 to $145.00 in a research report on Friday, July 28th. Ten investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. RenaissanceRe Holdings presently has an average rating of “Hold” and an average price target of $143.20.
In other RenaissanceRe Holdings news, CEO Kevin Odonnell sold 38,344 shares of the company’s stock in a transaction dated Wednesday, August 2nd. The stock was sold at an average price of $147.93, for a total transaction of $5,672,227.92. Following the completion of the sale, the chief executive officer now directly owns 208,150 shares in the company, valued at $30,791,629.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Stephen Howard Weinstein sold 14,000 shares of the company’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $143.19, for a total value of $2,004,660.00. Following the sale, the senior vice president now owns 75,162 shares of the company’s stock, valued at $10,762,446.78. The disclosure for this sale can be found here. Insiders have sold 57,644 shares of company stock valued at $8,462,507 over the last 90 days. 1.80% of the stock is currently owned by insiders.
About RenaissanceRe Holdings
RenaissanceRe Holdings Ltd. provides reinsurance and insurance coverages and related services to a range of customers. The Company’s products include property, casualty and specialty reinsurance and certain insurance products principally distributed through intermediaries. Its segments include Property; Casualty and Specialty, and Other category.
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