New York State Common Retirement Fund Decreases Stock Position in RenaissanceRe Holdings Ltd. $RNR

New York State Common Retirement Fund cut its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 2.1% during the third quarter, HoldingsChannel.com reports. The fund owned 103,872 shares of the insurance provider’s stock after selling 2,240 shares during the period. New York State Common Retirement Fund’s holdings in RenaissanceRe were worth $26,376,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Impax Asset Management Group plc lifted its holdings in RenaissanceRe by 11.2% in the 2nd quarter. Impax Asset Management Group plc now owns 1,220,038 shares of the insurance provider’s stock valued at $295,494,000 after purchasing an additional 122,732 shares in the last quarter. Bank of America Corp DE raised its position in shares of RenaissanceRe by 17.6% in the second quarter. Bank of America Corp DE now owns 803,547 shares of the insurance provider’s stock valued at $195,182,000 after buying an additional 120,063 shares during the last quarter. Norges Bank purchased a new position in shares of RenaissanceRe in the second quarter worth about $139,543,000. Charles Schwab Investment Management Inc. boosted its position in RenaissanceRe by 0.9% during the second quarter. Charles Schwab Investment Management Inc. now owns 334,326 shares of the insurance provider’s stock worth $81,208,000 after acquiring an additional 3,070 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in RenaissanceRe by 152.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 239,330 shares of the insurance provider’s stock valued at $58,136,000 after acquiring an additional 144,547 shares in the last quarter. 99.97% of the stock is owned by institutional investors and hedge funds.

RenaissanceRe Trading Down 0.5%

Shares of RenaissanceRe stock opened at $281.19 on Friday. The stock has a 50 day moving average of $272.57 and a 200 day moving average of $257.16. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.40 and a current ratio of 1.40. The firm has a market capitalization of $12.97 billion, a price-to-earnings ratio of 7.81, a PEG ratio of 2.96 and a beta of 0.26. RenaissanceRe Holdings Ltd. has a fifty-two week low of $219.00 and a fifty-two week high of $285.26.

RenaissanceRe Announces Dividend

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

Analyst Upgrades and Downgrades

RNR has been the topic of a number of research reports. The Goldman Sachs Group reissued a “sell” rating and issued a $267.00 target price on shares of RenaissanceRe in a research note on Wednesday, January 7th. BMO Capital Markets restated an “outperform” rating and issued a $303.00 price target on shares of RenaissanceRe in a research report on Friday, December 5th. JPMorgan Chase & Co. lifted 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. UBS Group boosted their price objective on RenaissanceRe from $265.00 to $272.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 8th. Finally, Mizuho set a $277.00 target price on RenaissanceRe in a research note on Wednesday, January 14th. Five investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, RenaissanceRe currently has an average rating of “Hold” and a consensus target price of $298.07.

RenaissanceRe Company 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.