RenaissanceRe Holdings Ltd. $RNR Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its stake in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 1.7% in the 2nd quarter, Holdings Channel.com reports. The firm owned 106,112 shares of the insurance provider’s stock after selling 1,889 shares during the period. New York State Common Retirement Fund’s holdings in RenaissanceRe were worth $25,775,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Hantz Financial Services Inc. grew its stake in RenaissanceRe by 707.1% in the second quarter. Hantz Financial Services Inc. now owns 113 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 99 shares in the last quarter. IFP Advisors Inc lifted its holdings in RenaissanceRe by 160.0% during the 2nd quarter. IFP Advisors Inc now owns 117 shares of the insurance provider’s stock worth $28,000 after buying an additional 72 shares during the last quarter. Huntington National Bank lifted its holdings in RenaissanceRe by 80.9% during the 2nd quarter. Huntington National Bank now owns 123 shares of the insurance provider’s stock worth $30,000 after buying an additional 55 shares during the last quarter. Brooklyn Investment Group grew its position in shares of RenaissanceRe by 151.7% in the 1st quarter. Brooklyn Investment Group now owns 146 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 88 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of RenaissanceRe by 43.1% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 186 shares of the insurance provider’s stock valued at $45,000 after acquiring an additional 56 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

RenaissanceRe Trading Up 0.8%

Shares of RNR stock opened at $263.38 on Tuesday. The firm has a market capitalization of $12.14 billion, a PE ratio of 7.32, a price-to-earnings-growth ratio of 2.08 and a beta of 0.25. The stock has a fifty day moving average of $257.02 and a two-hundred day moving average of $247.64. RenaissanceRe Holdings Ltd. has a 1 year low of $219.00 and a 1 year high of $290.78. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.36 and a current ratio of 1.40.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, October 28th. The insurance provider reported $15.62 EPS for the quarter, topping analysts’ consensus estimates of $9.49 by $6.13. RenaissanceRe had a net margin of 14.23% and a return on equity of 16.83%. The company had revenue of $3.20 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the firm earned $10.23 EPS. RenaissanceRe’s revenue was down 4.8% on a year-over-year basis. As a group, research analysts expect that RenaissanceRe Holdings Ltd. will post 26.04 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a $0.40 dividend. The ex-dividend date is Monday, December 15th. This represents a $1.60 annualized dividend and a yield of 0.6%. RenaissanceRe’s payout ratio is 4.45%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RNR shares. Morgan Stanley lifted their price objective on shares of RenaissanceRe from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Monday, November 17th. Weiss Ratings restated a “buy (b)” rating on shares of RenaissanceRe in a research report on Tuesday, November 25th. UBS Group boosted their price objective on shares of RenaissanceRe from $265.00 to $272.00 and gave the company a “neutral” rating in a research report on Wednesday, October 8th. Barclays set a $278.00 target price on shares of RenaissanceRe in a report on Wednesday, October 8th. Finally, Cantor Fitzgerald upgraded RenaissanceRe to a “hold” rating in a research note on Wednesday, August 13th. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $284.50.

RenaissanceRe 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.