State of Michigan Retirement System Has $3.05 Million Stock Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

State of Michigan Retirement System decreased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,265 shares of the insurance provider’s stock after selling 100 shares during the period. State of Michigan Retirement System’s holdings in RenaissanceRe were worth $3,052,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in RNR. Impax Asset Management Group plc raised its holdings in RenaissanceRe by 32.4% in the 3rd quarter. Impax Asset Management Group plc now owns 1,697,636 shares of the insurance provider’s stock valued at $461,679,000 after acquiring an additional 415,366 shares in the last quarter. Philadelphia Financial Management of San Francisco LLC bought a new stake in shares of RenaissanceRe in the 3rd quarter valued at approximately $18,969,000. Northwest & Ethical Investments L.P. bought a new stake in shares of RenaissanceRe in the 3rd quarter valued at approximately $17,086,000. World Investment Advisors LLC bought a new stake in shares of RenaissanceRe in the 3rd quarter valued at approximately $16,176,000. Finally, Assetmark Inc. grew its stake in shares of RenaissanceRe by 115.3% in the 3rd quarter. Assetmark Inc. now owns 81,006 shares of the insurance provider’s stock valued at $22,066,000 after purchasing an additional 43,384 shares during the period. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Up 0.3 %

Shares of RNR opened at $243.81 on Friday. The firm has a market capitalization of $12.01 billion, a price-to-earnings ratio of 6.96, a PEG ratio of 2.09 and a beta of 0.38. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.42 and a current ratio of 1.42. The business’s fifty day moving average price is $243.45 and its two-hundred day moving average price is $257.92. RenaissanceRe Holdings Ltd. has a 52 week low of $208.98 and a 52 week high of $300.00.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 EPS for the quarter, beating analysts’ consensus estimates of $6.94 by $1.12. RenaissanceRe had a return on equity of 23.41% and a net margin of 15.99%. On average, analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 earnings per share for the current year.

RenaissanceRe Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.66%. This is a positive change from RenaissanceRe’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, March 14th. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.57%.

Analysts Set New Price Targets

Several research firms have recently weighed in on RNR. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a research note on Thursday, January 30th. Wells Fargo & Company lowered their price objective on RenaissanceRe from $288.00 to $277.00 and set an “overweight” rating on the stock in a research note on Thursday, January 30th. Jefferies Financial Group reiterated a “hold” rating and issued a $282.00 price objective (down from $304.00) on shares of RenaissanceRe in a research note on Wednesday, December 18th. Barclays lowered RenaissanceRe from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $284.00 to $234.00 in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. upped their price objective on RenaissanceRe from $280.00 to $284.00 and gave the company a “neutral” rating in a research note on Friday, January 3rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $279.90.

Insider Buying and Selling at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $254.16, for a total value of $254,160.00. Following the transaction, the executive vice president now owns 79,392 shares of the company’s stock, valued at $20,178,270.72. This represents a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

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.