California Public Employees Retirement System Raises Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

California Public Employees Retirement System raised its position in RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 46.1% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 244,162 shares of the insurance provider's stock after acquiring an additional 77,016 shares during the period. California Public Employees Retirement System owned approximately 0.48% of RenaissanceRe worth $47,856,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Global Retirement Partners LLC lifted its holdings in RenaissanceRe by 519.4% during the third quarter. Global Retirement Partners LLC now owns 192 shares of the insurance provider's stock worth $39,000 after acquiring an additional 161 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in RenaissanceRe in the fourth quarter worth $38,000. Daiwa Securities Group Inc. purchased a new stake in RenaissanceRe in the fourth quarter worth $39,000. VisionPoint Advisory Group LLC purchased a new stake in RenaissanceRe in the third quarter worth $57,000. Finally, CWM LLC increased its position in RenaissanceRe by 200.0% in the third quarter. CWM LLC now owns 636 shares of the insurance provider's stock worth $126,000 after buying an additional 424 shares during the last quarter. Institutional investors and hedge funds own 99.97% of the company's stock.

Analyst Ratings Changes

RNR has been the subject of a number of recent research reports. UBS Group raised their target price on RenaissanceRe from $229.00 to $238.00 and gave the stock a "neutral" rating in a research report on Monday, February 5th. Evercore ISI lifted their price target on RenaissanceRe from $213.00 to $216.00 and gave the company an "underperform" rating in a research report on Thursday, April 11th. BMO Capital Markets lifted their price target on RenaissanceRe from $216.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, February 5th. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $204.00 to $237.00 and gave the company a "neutral" rating in a research report on Monday, April 8th. Finally, TD Cowen began coverage on RenaissanceRe in a research report on Wednesday, January 10th. They issued a "market perform" rating for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, RenaissanceRe currently has a consensus rating of "Hold" and a consensus target price of $247.89.

RenaissanceRe Price Performance

RNR stock traded down $0.52 during mid-day trading on Friday, hitting $219.08. 176,625 shares of the stock were exchanged, compared to its average volume of 295,594. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.40 and a quick ratio of 1.40. The business has a fifty day moving average price of $226.91 and a 200 day moving average price of $216.24. RenaissanceRe Holdings Ltd. has a 12 month low of $174.22 and a 12 month high of $239.42. The stock has a market capitalization of $11.55 billion, a price-to-earnings ratio of 4.28, a PEG ratio of 2.91 and a beta of 0.30.

RenaissanceRe (NYSE:RNR - Get Free Report) last issued its quarterly earnings results on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.13 by $3.64. RenaissanceRe had a return on equity of 26.93% and a net margin of 28.04%. The firm had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.83 billion. During the same quarter in the previous year, the company posted $7.33 earnings per share. The company's revenue was up 17.9% compared to the same quarter last year. On average, sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 34.43 EPS for the current year.

RenaissanceRe Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.71%. The ex-dividend date was Thursday, March 14th. This is a positive change from RenaissanceRe's previous quarterly dividend of $0.38. RenaissanceRe's payout ratio is 3.05%.

Insider Activity

In other news, Director Carol P. Sanders sold 880 shares of the business's stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $227.59, for a total value of $200,279.20. Following the completion of the sale, the director now owns 5,363 shares of the company's stock, valued at approximately $1,220,565.17. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the company's stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total transaction of $586,400.00. Following the completion of the transaction, the chief financial officer now owns 70,424 shares of the company's stock, valued at approximately $16,518,653.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Carol P. Sanders sold 880 shares of the company's stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $227.59, for a total value of $200,279.20. Following the transaction, the director now directly owns 5,363 shares of the company's stock, valued at approximately $1,220,565.17. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,130 shares of company stock valued at $958,429. 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.