RenaissanceRe Holdings Ltd. $RNR Position Increased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its RenaissanceRe stake by 29,588.9% in the second quarter, acquiring 15.9 million additional shares and ending with a 38.36% ownership position valued at approximately $5.05 billion.
• RenaissanceRe reported $12.92 in quarterly EPS on $2.77 billion in revenue, with a 23.65% net margin and 23.10% return on equity. The company also declared a quarterly dividend of $0.41 per share, representing a 0.5% yield.
• Analyst sentiment is largely neutral, with an average “Hold” rating and a consensus price target of $336.33 versus the shares’ $322.30 opening price. An executive vice president also sold 5,000 shares, reducing his stake by 6.42%.

California State Teachers Retirement System increased its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 29,588.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,938,802 shares of the insurance provider's stock after acquiring an additional 15,885,116 shares during the quarter. California State Teachers Retirement System owned 38.36% of RenaissanceRe worth $5,051,006,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in RNR. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in RenaissanceRe by 39.4% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,687 shares of the insurance provider's stock valued at $2,325,000 after purchasing an additional 2,737 shares during the period. Millennium Management LLC acquired a new stake in shares of RenaissanceRe in the first quarter worth $15,289,000. Jones Financial Companies Lllp grew its holdings in shares of RenaissanceRe by 900.0% during the first quarter. Jones Financial Companies Lllp now owns 1,350 shares of the insurance provider's stock valued at $324,000 after buying an additional 1,215 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of RenaissanceRe by 72.5% during the first quarter. Goldman Sachs Group Inc. now owns 57,186 shares of the insurance provider's stock valued at $13,725,000 after buying an additional 24,027 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in RenaissanceRe by 18.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 441 shares of the insurance provider's stock valued at $107,000 after buying an additional 69 shares during the period. Hedge funds and other institutional investors own 99.97% of the company's stock.

Insider Activity

In related news, EVP Robert Qutub sold 5,000 shares of the company's stock in a transaction 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 in the company, valued at approximately $24,280,218.21. This represents a 6.42% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 2.30% of the company's stock.

RenaissanceRe Price Performance

Shares of RNR opened at $322.30 on Thursday. The firm has a market cap of $13.39 billion, a PE ratio of 5.53, a PEG ratio of 1.18 and a beta of 0.17. The firm's 50 day moving average price is $323.44 and its 200 day moving average price is $307.94. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. RenaissanceRe Holdings Ltd. has a twelve month low of $231.17 and a twelve month high of $340.24.

RenaissanceRe (NYSE:RNR - Get Free Report) last posted its earnings results on Tuesday, June 30th. The insurance provider reported $12.92 earnings per share (EPS) for the quarter. The firm had revenue of $2.77 billion during the quarter. RenaissanceRe had a net margin of 23.65% and a return on equity of 23.10%. As a group, research analysts expect that RenaissanceRe Holdings Ltd. will post 42.4 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend is Tuesday, September 15th. RenaissanceRe's payout ratio is presently 2.81%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RNR. Citigroup raised shares of RenaissanceRe from a "neutral" rating to a "buy" rating and increased their price target for the stock from $335.00 to $345.00 in a research report on Wednesday, June 10th. Mizuho boosted their price objective on shares of RenaissanceRe from $325.00 to $329.00 and gave the company a "neutral" rating in a research report on Thursday, July 9th. Wells Fargo & Company upped their price objective on shares of RenaissanceRe from $306.00 to $329.00 and gave the company an "equal weight" rating in a research note on Thursday, July 9th. Morgan Stanley increased their target price on shares of RenaissanceRe from $310.00 to $320.00 and gave the stock an "equal weight" rating in a research report on Monday, July 6th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of RenaissanceRe from $342.00 to $350.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. Five analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, RenaissanceRe currently has an average rating of "Hold" and an average target price of $336.33.

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.

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