Retirement Systems of Alabama Sells 49,756 Shares of RenaissanceRe Holdings Ltd. $RNR

Retirement Systems of Alabama decreased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 46.6% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 56,906 shares of the insurance provider’s stock after selling 49,756 shares during the period. Retirement Systems of Alabama owned approximately 0.12% of RenaissanceRe worth $14,450,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in RNR. Asset Management One Co. Ltd. bought a new position in shares of RenaissanceRe during the 3rd quarter valued at about $1,564,000. Y Intercept Hong Kong Ltd raised its holdings in RenaissanceRe by 812.8% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 17,078 shares of the insurance provider’s stock worth $4,337,000 after buying an additional 15,207 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in RenaissanceRe by 0.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 334,326 shares of the insurance provider’s stock valued at $81,208,000 after buying an additional 3,070 shares in the last quarter. Nordea Investment Management AB boosted its holdings in shares of RenaissanceRe by 207.2% in the third quarter. Nordea Investment Management AB now owns 41,871 shares of the insurance provider’s stock valued at $10,539,000 after buying an additional 28,241 shares during the period. Finally, Daiwa Securities Group Inc. acquired a new position in shares of RenaissanceRe in the second quarter valued at approximately $4,980,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Trading Down 0.4%

RNR stock opened at $274.51 on Wednesday. RenaissanceRe Holdings Ltd. has a 52 week low of $219.00 and a 52 week high of $285.26. The company has a market capitalization of $12.66 billion, a PE ratio of 7.63, a price-to-earnings-growth ratio of 2.89 and a beta of 0.26. The company’s 50-day simple moving average is $271.39 and its 200 day simple moving average is $256.41. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.40.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, October 28th. The insurance provider reported $15.62 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the firm posted $10.23 EPS. The business’s revenue for the quarter was down 4.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.6%. The ex-dividend date was Monday, December 15th. RenaissanceRe’s dividend payout ratio is presently 4.45%.

Wall Street Analyst Weigh In

RNR has been the topic of several research reports. BMO Capital Markets reaffirmed an “outperform” rating and issued a $303.00 price objective on shares of RenaissanceRe in a research report on Friday, December 5th. Morgan Stanley reissued an “overweight” rating and issued a $300.00 price target on shares of RenaissanceRe in a research note on Tuesday, December 16th. JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $303.00 to $329.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 7th. Weiss Ratings reissued a “buy (b)” rating on shares of RenaissanceRe in a research report on Monday, December 29th. Finally, Barclays boosted their target price on RenaissanceRe from $278.00 to $304.00 and gave the company an “equal weight” rating in a research note on Thursday, January 8th. Five analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $298.07.

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.