RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas reduced its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 20.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,781 shares of the insurance provider's stock after selling 2,468 shares during the quarter. Teacher Retirement System of Texas' holdings in RenaissanceRe were worth $2,347,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Bessemer Group Inc. grew its stake in shares of RenaissanceRe by 5.8% during the fourth quarter. Bessemer Group Inc. now owns 1,106 shares of the insurance provider's stock valued at $274,000 after buying an additional 61 shares during the last quarter. Independent Advisor Alliance grew its stake in shares of RenaissanceRe by 7.7% during the fourth quarter. Independent Advisor Alliance now owns 864 shares of the insurance provider's stock valued at $215,000 after buying an additional 62 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of RenaissanceRe by 71.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider's stock valued at $39,000 after buying an additional 65 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of RenaissanceRe by 1.2% during the first quarter. Fifth Third Bancorp now owns 6,599 shares of the insurance provider's stock valued at $1,584,000 after buying an additional 79 shares during the last quarter. Finally, Seeds Investor LLC grew its stake in shares of RenaissanceRe by 6.3% during the fourth quarter. Seeds Investor LLC now owns 1,385 shares of the insurance provider's stock valued at $344,000 after buying an additional 82 shares during the last quarter. 99.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $268.00 target price (down previously from $282.00) on shares of RenaissanceRe in a research note on Wednesday. Bank of America lowered their price target on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a report on Wednesday, March 26th. JPMorgan Chase & Co. upgraded RenaissanceRe from a "neutral" rating to an "overweight" rating and set a $284.00 price target for the company in a report on Tuesday, April 8th. JMP Securities reiterated a "market perform" rating on shares of RenaissanceRe in a report on Thursday, April 24th. Finally, Jefferies Financial Group lowered their price target on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $288.56.

RenaissanceRe Stock Down 0.4%

RenaissanceRe stock traded down $0.84 during mid-day trading on Friday, reaching $237.60. 90,653 shares of the company were exchanged, compared to its average volume of 444,416. The business has a fifty day moving average of $244.11 and a 200 day moving average of $242.40. The firm has a market cap of $11.56 billion, a P/E ratio of 7.58, a PEG ratio of 2.89 and a beta of 0.30. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.36 and a current ratio of 1.36. RenaissanceRe Holdings Ltd. has a 12-month low of $210.51 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.32) by ($1.17). The business had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.36 billion. RenaissanceRe had a return on equity of 15.90% and a net margin of 13.26%. The business's revenue for the quarter was up 7.6% on a year-over-year basis. During the same period in the previous year, the company posted $12.18 earnings per share. Research analysts anticipate that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.67%. The ex-dividend date of this dividend was Friday, June 13th. RenaissanceRe's payout ratio is presently 5.10%.

Insider Activity

In other news, CAO James Christopher Fraser sold 332 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total transaction of $82,847.28. Following the transaction, the chief accounting officer directly owned 27,154 shares of the company's stock, valued at approximately $6,776,009.16. This represents a 1.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.30% of the company's stock.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.