RenaissanceRe Holdings Ltd. (NYSE:RNR) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System decreased its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,500 shares of the insurance provider’s stock after selling 500 shares during the quarter. Louisiana State Employees Retirement System’s holdings in RenaissanceRe were worth $3,950,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in RNR. Wealth Enhancement Advisory Services LLC grew its position in shares of RenaissanceRe by 1.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,594 shares of the insurance provider’s stock worth $1,550,000 after acquiring an additional 78 shares in the last quarter. State of Michigan Retirement System grew its position in shares of RenaissanceRe by 3.2% in the 1st quarter. State of Michigan Retirement System now owns 12,965 shares of the insurance provider’s stock worth $3,047,000 after acquiring an additional 400 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of RenaissanceRe by 47.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 24,743 shares of the insurance provider’s stock worth $5,815,000 after acquiring an additional 7,975 shares in the last quarter. Carret Asset Management LLC acquired a new position in shares of RenaissanceRe in the 1st quarter worth approximately $235,000. Finally, State of Alaska Department of Revenue grew its position in shares of RenaissanceRe by 0.9% in the 1st quarter. State of Alaska Department of Revenue now owns 5,714 shares of the insurance provider’s stock worth $1,342,000 after acquiring an additional 50 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

RenaissanceRe Stock Down 1.5 %

Shares of RenaissanceRe stock opened at $268.36 on Friday. The business’s fifty day moving average price is $264.11 and its two-hundred day moving average price is $238.46. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.38 and a quick ratio of 1.38. The company has a market capitalization of $14.19 billion, a P/E ratio of 5.93, a PEG ratio of 1.80 and a beta of 0.38. RenaissanceRe Holdings Ltd. has a 1-year low of $188.24 and a 1-year high of $284.36.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, beating the consensus estimate of $10.88 by $1.53. The firm had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $2.93 billion. RenaissanceRe had a return on equity of 27.74% and a net margin of 25.38%. As a group, research analysts forecast that RenaissanceRe Holdings Ltd. will post 39.96 EPS for the current year.

RenaissanceRe Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.58%. The ex-dividend date of this dividend was Friday, September 13th. RenaissanceRe’s dividend payout ratio is presently 3.45%.

Analysts Set New Price Targets

RNR has been the subject of several research reports. Evercore ISI lifted their target price on RenaissanceRe from $218.00 to $229.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 9th. Morgan Stanley reduced their price objective on RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 10th. Barclays assumed coverage on RenaissanceRe in a research report on Wednesday, September 4th. They set an “equal weight” rating and a $287.00 price objective for the company. StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Finally, Jefferies Financial Group boosted their price objective on RenaissanceRe from $270.00 to $314.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $289.00.

Insider Transactions at RenaissanceRe

In other news, EVP David E. Marra sold 1,000 shares of the business’s stock in a transaction on Friday, October 4th. The stock was sold at an average price of $279.00, for a total value of $279,000.00. Following the sale, the executive vice president now owns 82,044 shares of the company’s stock, valued at approximately $22,890,276. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company 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.