Teacher Retirement System of Texas Sells 2,468 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Teacher Retirement System of Texas cut its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 20.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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.

Other hedge funds have also modified their holdings of the company. Bank of America Corp DE grew its holdings in shares of RenaissanceRe by 17.9% during the fourth quarter. Bank of America Corp DE now owns 817,247 shares of the insurance provider's stock worth $203,339,000 after buying an additional 124,125 shares in the last quarter. Miracle Mile Advisors LLC bought a new position in shares of RenaissanceRe during the first quarter worth about $271,000. Trexquant Investment LP bought a new position in shares of RenaissanceRe during the fourth quarter worth about $561,000. Yorktown Management & Research Co Inc acquired a new position in RenaissanceRe during the first quarter valued at approximately $348,000. Finally, Deutsche Bank AG boosted its position in RenaissanceRe by 4.2% during the fourth quarter. Deutsche Bank AG now owns 10,715 shares of the insurance provider's stock valued at $2,666,000 after purchasing an additional 431 shares during the last quarter. 99.97% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Bank of America decreased their price target on RenaissanceRe from $437.00 to $426.00 and set a "buy" rating for the company in a research note on Wednesday, March 26th. JMP Securities restated a "market perform" rating on shares of RenaissanceRe in a research note on Thursday, April 24th. Wells Fargo & Company restated an "equal weight" rating and issued a $269.00 price target (up from $267.00) on shares of RenaissanceRe in a research note on Thursday. Jefferies Financial Group decreased their price target on RenaissanceRe from $266.00 to $265.00 and set a "hold" rating for the company in a research note on Friday, April 11th. Finally, Morgan Stanley set a $285.00 price target on RenaissanceRe and gave the company an "overweight" rating in a research note on Monday, May 19th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $288.56.

Insider Transactions at RenaissanceRe

In related news, CAO James Christopher Fraser sold 332 shares of the business's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $249.54, for a total value of $82,847.28. Following the completion of the sale, the chief accounting officer directly owned 27,154 shares in the company, valued at $6,776,009.16. The trade was a 1.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.30% of the stock is owned by company insiders.

RenaissanceRe Stock Performance

Shares of NYSE RNR traded down $1.92 during midday trading on Thursday, hitting $238.33. 398,902 shares of the company's stock were exchanged, compared to its average volume of 444,925. The company has a quick ratio of 1.36, a current ratio of 1.36 and a debt-to-equity ratio of 0.29. RenaissanceRe Holdings Ltd. has a 12 month low of $210.51 and a 12 month high of $300.00. The company's 50 day moving average price is $244.09 and its 200 day moving average price is $242.48. The firm has a market capitalization of $11.59 billion, a PE ratio of 7.60, a price-to-earnings-growth ratio of 2.90 and a beta of 0.30.

RenaissanceRe (NYSE:RNR - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The insurance provider reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($1.17). The firm had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.36 billion. RenaissanceRe had a net margin of 13.26% and a return on equity of 15.90%. The business's revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter last year, the firm earned $12.18 earnings per share. As a group, analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current fiscal year.

RenaissanceRe Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.60 annualized dividend and a yield of 0.67%. RenaissanceRe's dividend payout ratio (DPR) is presently 5.10%.

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.