7,120 RenaissanceRe Holdings Ltd. $RNR Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems reduced its RenaissanceRe position by 40% in the third quarter, selling 7,120 shares and retaining 10,667 shares valued at approximately $3.4 million.
• Institutional investors own nearly all of RenaissanceRe’s outstanding shares, with hedge funds and other institutions holding 99.97% of the stock.
• Analysts maintain a generally neutral view, with an average “Hold” rating and a $343.69 price target. RenaissanceRe recently reported better-than-expected quarterly EPS of $12.71, while shares were trading at $351.50.

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 40.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,667 shares of the insurance provider's stock after selling 7,120 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in RenaissanceRe were worth $3,395,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in RNR. Ashurst Perkins Coie Trust Co purchased a new stake in shares of RenaissanceRe in the 3rd quarter worth $26,000. Elevation Wealth Partners LLC lifted its position in RenaissanceRe by 90.0% during the third quarter. Elevation Wealth Partners LLC now owns 95 shares of the insurance provider's stock valued at $30,000 after purchasing an additional 45 shares in the last quarter. Continuum Advisory LLC purchased a new position in RenaissanceRe during the second quarter valued at $38,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in RenaissanceRe during the second quarter valued at about $42,000. Finally, Versant Capital Management Inc grew its holdings in RenaissanceRe by 155.3% during the third quarter. Versant Capital Management Inc now owns 194 shares of the insurance provider's stock valued at $62,000 after purchasing an additional 118 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on RNR. Barclays upped their price target on RenaissanceRe from $328.00 to $341.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 7th. Royal Bank Of Canada began coverage on RenaissanceRe in a research report on Tuesday, September 22nd. They set a "sector perform" rating and a $365.00 price objective on the stock. Weiss Ratings downgraded RenaissanceRe from a "buy (b+)" rating to a "hold (c+)" rating in a research note on Thursday. JPMorgan Chase & Co. cut their price objective on RenaissanceRe from $360.00 to $355.00 and set a "neutral" rating for the company in a research note on Friday, October 9th. Finally, Wells Fargo & Company increased their target price on shares of RenaissanceRe from $319.00 to $338.00 and gave the stock an "equal weight" rating in a report on Monday. Five analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, RenaissanceRe has an average rating of "Hold" and an average price target of $343.69.

RenaissanceRe Trading Up 3.6%

Shares of RNR opened at $351.50 on Tuesday. The firm has a market cap of $14.60 billion, a P/E ratio of 10.11, a price-to-earnings-growth ratio of 0.91 and a beta of 0.12. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.40 and a quick ratio of 1.38. RenaissanceRe Holdings Ltd. has a 1 year low of $251.36 and a 1 year high of $363.84. The company has a 50 day simple moving average of $333.59 and a two-hundred day simple moving average of $310.43.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its earnings results on Tuesday, October 27th. The insurance provider reported $12.71 EPS for the quarter, topping the consensus estimate of $10.56 by $2.15. RenaissanceRe had a net margin of 16.25% and a return on equity of 21.13%. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the previous year, the firm earned $15.62 earnings per share. On average, equities analysts expect that RenaissanceRe Holdings Ltd. will post 48.12 earnings per share for the current fiscal year.

RenaissanceRe Company Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance products. The company specializes in helping insurers, businesses and other organizations manage financial risk arising from natural catastrophes, specialty exposures and certain casualty risks.

RenaissanceRe's reinsurance activities include property catastrophe coverage, as well as casualty and specialty reinsurance. Through its insurance operations, the company provides coverage for areas such as property, casualty and other specialty risks.

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