RenaissanceRe Holdings Ltd. $RNR Shares Sold by South Dakota Investment Council

South Dakota Investment Council cut its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 7.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,852 shares of the insurance provider’s stock after selling 3,589 shares during the quarter. South Dakota Investment Council’s holdings in RenaissanceRe were worth $13,926,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Amundi boosted its position in shares of RenaissanceRe by 244.7% during the 1st quarter. Amundi now owns 8,063 shares of the insurance provider’s stock valued at $2,397,000 after purchasing an additional 5,724 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of RenaissanceRe by 11.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 765 shares of the insurance provider’s stock worth $227,000 after purchasing an additional 76 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of RenaissanceRe by 17.5% in the 1st quarter. California State Teachers Retirement System now owns 53,686 shares of the insurance provider’s stock worth $15,957,000 after purchasing an additional 8,001 shares in the last quarter. Quantinno Capital Management LP lifted its stake in RenaissanceRe by 14.7% during the first quarter. Quantinno Capital Management LP now owns 22,733 shares of the insurance provider’s stock valued at $6,757,000 after purchasing an additional 2,920 shares during the last quarter. Finally, Delta Global Management LP acquired a new stake in RenaissanceRe during the first quarter valued at approximately $1,754,000. 99.97% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RNR has been the topic of several recent research reports. TD Cowen lifted their price target on shares of RenaissanceRe from $300.00 to $315.00 and gave the stock a “hold” rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. increased their price objective on RenaissanceRe from $329.00 to $360.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. Wall Street Zen lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Weiss Ratings upgraded RenaissanceRe from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, June 25th. Finally, Morgan Stanley boosted their target price on RenaissanceRe from $310.00 to $320.00 and gave the stock an “equal weight” rating in a research report on Monday, July 6th. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $336.33.

RenaissanceRe Stock Performance

Shares of RNR stock opened at $332.61 on Thursday. RenaissanceRe Holdings Ltd. has a 1-year low of $231.17 and a 1-year high of $335.97. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $13.82 billion, a price-to-earnings ratio of 5.71, a P/E/G ratio of 1.24 and a beta of 0.17. The stock’s fifty day simple moving average is $306.94 and its 200-day simple moving average is $299.78.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings results on Wednesday, July 22nd. The insurance provider reported $12.92 earnings per share for the quarter, beating the consensus estimate of $11.72 by $1.20. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.57 billion. RenaissanceRe had a return on equity of 23.10% and a net margin of 23.65%.During the same period in the previous year, the firm earned $12.29 earnings per share. On average, sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 41.68 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.41 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s dividend payout ratio is currently 2.81%.

Insider Buying and Selling at RenaissanceRe

In other news, EVP Robert Qutub sold 5,000 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $333.03, for a total value of $1,665,150.00. Following the completion of the sale, the executive vice president directly owned 72,907 shares of the company’s stock, valued at $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by corporate insiders.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.