VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in RenaissanceRe Holdings Ltd. $RNR

Key Points

• Virginia Retirement Systems acquired 17,787 RenaissanceRe shares worth approximately $5.64 million in the second quarter. Institutional investors now own 99.97% of the company.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $336.33; targets range from $315 to $438.
• RenaissanceRe reported $12.92 in quarterly EPS on $2.77 billion in revenue and announced a quarterly dividend of $0.41 per share, yielding about 0.5%.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 17,787 shares of the insurance provider's stock, valued at approximately $5,637,000.

A number of other hedge funds have also made changes to their positions in RNR. California State Teachers Retirement System lifted its stake in RenaissanceRe by 29,588.9% during the second quarter. California State Teachers Retirement System now owns 15,938,802 shares of the insurance provider's stock worth $5,051,006,000 after purchasing an additional 15,885,116 shares during the last quarter. BlackRock Inc. purchased a new position in RenaissanceRe in the second quarter valued at approximately $1,319,724,000. Boston Partners raised its holdings in RenaissanceRe by 9.9% during the fourth quarter. Boston Partners now owns 1,423,483 shares of the insurance provider's stock worth $400,150,000 after purchasing an additional 128,245 shares in the last quarter. Lightrock Netherlands B.V. raised its holdings in RenaissanceRe by 15.8% during the first quarter. Lightrock Netherlands B.V. now owns 1,178,423 shares of the insurance provider's stock worth $350,263,000 after purchasing an additional 160,915 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of RenaissanceRe by 5.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,085,380 shares of the insurance provider's stock worth $322,603,000 after buying an additional 52,371 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of RenaissanceRe from $329.00 to $360.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Bank of America boosted their price target on shares of RenaissanceRe from $410.00 to $438.00 and gave the company a "buy" rating in a research report on Thursday, July 23rd. Wolfe Research set a $315.00 price target on RenaissanceRe in a research note on Tuesday, July 7th. Keefe, Bruyette & Woods boosted their price objective on RenaissanceRe from $342.00 to $350.00 and gave the company a "market perform" rating in a research note on Monday, July 27th. Finally, Evercore set a $330.00 price objective on RenaissanceRe in a report on Thursday, July 23rd. Five investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $336.33.

RenaissanceRe Stock Performance

NYSE RNR opened at $323.04 on Wednesday. The firm has a market cap of $13.42 billion, a P/E ratio of 5.54, a P/E/G ratio of 1.20 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 52-week low of $231.17 and a 52-week high of $340.24. The business's 50-day moving average price is $323.34 and its 200 day moving average price is $307.78. The company has a quick ratio of 1.38, a current ratio of 1.38 and a debt-to-equity ratio of 0.21.

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

RenaissanceRe Announces Dividend

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

Insiders Place Their Bets

In other RenaissanceRe news, EVP Robert Qutub sold 5,000 shares of the business'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 transaction, the executive vice president directly owned 72,907 shares of the company's stock, valued at approximately $24,280,218.21. The trade was a 6.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.30% of the stock is currently owned by company insiders.

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.

Want to see what other hedge funds are holding RNR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.