8,100 RenaissanceRe Holdings Ltd. $RNR Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama increased its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 18.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 52,195 shares of the insurance provider’s stock after acquiring an additional 8,100 shares during the period. Retirement Systems of Alabama’s holdings in RenaissanceRe were worth $16,610,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Ashurst Perkins Coie Trust Co bought a new stake in shares of RenaissanceRe in the 3rd quarter worth about $26,000. Elevation Wealth Partners LLC increased its holdings in shares of RenaissanceRe by 90.0% during the third quarter. Elevation Wealth Partners LLC now owns 95 shares of the insurance provider’s stock worth $30,000 after buying an additional 45 shares in the last quarter. Continuum Advisory LLC acquired a new stake in shares of RenaissanceRe during the second quarter worth approximately $38,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of RenaissanceRe in the second quarter valued at approximately $42,000. Finally, Heritage Family Offices LLP bought a new stake in RenaissanceRe during the 3rd quarter worth approximately $51,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on RNR. Wells Fargo & Company raised their target price on RenaissanceRe from $319.00 to $338.00 and gave the company an “equal weight” rating in a research note on Monday, November 2nd. Keefe, Bruyette & Woods raised their price target on shares of RenaissanceRe from $342.00 to $350.00 and gave the company a “market perform” rating in a report on Monday, July 27th. Royal Bank Of Canada initiated coverage on RenaissanceRe in a research report on Tuesday, September 22nd. They issued a “sector perform” rating and a $365.00 price objective on the stock. JPMorgan Chase & Co. cut their price target on RenaissanceRe from $360.00 to $355.00 and set a “neutral” rating on the stock in a research note on Friday, October 9th. Finally, UBS Group lifted their price objective on RenaissanceRe from $349.00 to $366.00 and gave the stock a “neutral” rating in a research report on Monday, November 2nd. Five research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $343.69.

RenaissanceRe Stock Up 0.2%

Shares of NYSE:RNR opened at $354.50 on Friday. The company has a 50 day moving average price of $337.05 and a two-hundred day moving average price of $313.59. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.40 and a current ratio of 1.40. The company has a market capitalization of $14.33 billion, a PE ratio of 10.19, a PEG ratio of 0.91 and a beta of 0.11. RenaissanceRe Holdings Ltd. has a 52 week low of $251.60 and a 52 week high of $363.84.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings results on Tuesday, October 27th. The insurance provider reported $12.71 earnings per share for the quarter, topping analysts’ consensus estimates of $10.56 by $2.15. RenaissanceRe had a net margin of 16.25% and a return on equity of 21.13%. The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.78 billion. During the same period last year, the firm posted $15.62 earnings per share. Analysts forecast that RenaissanceRe Holdings Ltd. will post 49.24 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Tuesday, December 15th. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.72%.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a Bermuda-based provider of reinsurance and insurance, serving clients around the world. The company focuses on helping insurers and other businesses manage risks that can be difficult to predict or absorb. Its main offerings include property catastrophe reinsurance, which helps protect insurers against losses from events such as hurricanes and earthquakes, as well as casualty and specialty reinsurance and insurance. RenaissanceRe also manages capital on behalf of third-party investors and uses risk modeling to assess and manage its exposure.