Retirement Systems of Alabama Has $24.67 Million Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Retirement Systems of Alabama boosted its stake in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR - Free Report) by 7.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 125,847 shares of the insurance provider's stock after purchasing an additional 8,441 shares during the quarter. Retirement Systems of Alabama owned about 0.25% of RenaissanceRe worth $24,666,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in RNR. CWM LLC boosted its position in RenaissanceRe by 200.0% during the third quarter. CWM LLC now owns 636 shares of the insurance provider's stock worth $126,000 after purchasing an additional 424 shares during the period. Handelsbanken Fonder AB boosted its position in shares of RenaissanceRe by 57.6% in the third quarter. Handelsbanken Fonder AB now owns 9,300 shares of the insurance provider's stock valued at $1,841,000 after acquiring an additional 3,400 shares during the period. Xponance Inc. boosted its position in shares of RenaissanceRe by 1.0% in the third quarter. Xponance Inc. now owns 7,590 shares of the insurance provider's stock valued at $1,502,000 after acquiring an additional 75 shares during the period. Raymond James & Associates boosted its position in shares of RenaissanceRe by 83.6% in the third quarter. Raymond James & Associates now owns 52,188 shares of the insurance provider's stock valued at $10,329,000 after acquiring an additional 23,767 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of RenaissanceRe by 20.7% in the third quarter. Bank of New York Mellon Corp now owns 1,451,530 shares of the insurance provider's stock valued at $287,287,000 after acquiring an additional 249,196 shares during the period. Institutional investors own 99.97% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RNR. JPMorgan Chase & Co. increased their price objective on RenaissanceRe from $204.00 to $237.00 and gave the company a "neutral" rating in a research report on Monday, April 8th. TD Cowen started coverage on RenaissanceRe in a research note on Wednesday, January 10th. They issued a "market perform" rating for the company. Evercore ISI upped their target price on RenaissanceRe from $213.00 to $216.00 and gave the company an "underperform" rating in a research note on Thursday, April 11th. BMO Capital Markets upped their target price on RenaissanceRe from $216.00 to $295.00 and gave the company an "outperform" rating in a research note on Monday, February 5th. Finally, UBS Group upped their target price on RenaissanceRe from $229.00 to $238.00 and gave the company a "neutral" rating in a research note on Monday, February 5th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $247.89.

Insider Activity

In other news, EVP David E. Marra sold 750 shares of the firm's stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $229.00, for a total value of $171,750.00. Following the completion of the sale, the executive vice president now directly owns 79,699 shares in the company, valued at $18,251,071. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Robert Qutub sold 2,500 shares of the firm's stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the transaction, the chief financial officer now owns 70,424 shares in the company, valued at $16,518,653.44. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP David E. Marra sold 750 shares of the firm's stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total value of $171,750.00. Following the completion of the transaction, the executive vice president now owns 79,699 shares in the company, valued at approximately $18,251,071. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,130 shares of company stock worth $958,429. 1.80% of the stock is owned by corporate insiders.

RenaissanceRe Price Performance

RenaissanceRe stock traded down $2.37 during mid-day trading on Tuesday, hitting $219.31. 675,324 shares of the company were exchanged, compared to its average volume of 360,094. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.23. The business has a fifty day moving average of $226.81 and a 200 day moving average of $216.30. RenaissanceRe Holdings Ltd. has a 1-year low of $174.22 and a 1-year high of $239.42. The company has a market capitalization of $11.56 billion, a PE ratio of 4.28, a price-to-earnings-growth ratio of 2.91 and a beta of 0.30.

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

RenaissanceRe Increases Dividend

The firm 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. The ex-dividend date of this dividend was Thursday, March 14th. This is a positive change from RenaissanceRe's previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.71%. RenaissanceRe's dividend payout ratio (DPR) is 3.05%.

About RenaissanceRe

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.