Strs Ohio Has $5.46 Million Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Strs Ohio lessened its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 35.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,849 shares of the insurance provider’s stock after selling 15,170 shares during the period. Strs Ohio owned approximately 0.05% of RenaissanceRe worth $5,458,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System acquired a new position in RenaissanceRe in the fourth quarter worth about $2,881,000. Cerity Partners LLC raised its position in RenaissanceRe by 14.1% in the fourth quarter. Cerity Partners LLC now owns 3,190 shares of the insurance provider’s stock worth $625,000 after purchasing an additional 393 shares in the last quarter. Custom Index Systems LLC acquired a new position in RenaissanceRe in the fourth quarter worth about $283,000. Allspring Global Investments Holdings LLC raised its position in RenaissanceRe by 2,235.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 16,864 shares of the insurance provider’s stock worth $3,305,000 after purchasing an additional 16,142 shares in the last quarter. Finally, New York State Teachers Retirement System raised its position in RenaissanceRe by 1.5% in the fourth quarter. New York State Teachers Retirement System now owns 51,301 shares of the insurance provider’s stock worth $10,055,000 after purchasing an additional 753 shares in the last quarter. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on RNR. JPMorgan Chase & Co. upped their price objective on shares of RenaissanceRe from $204.00 to $237.00 and gave the stock a “neutral” rating in a research note on Monday, April 8th. TD Cowen began coverage on shares of RenaissanceRe in a research note on Wednesday, January 10th. They set a “market perform” rating on the stock. UBS Group upped their price objective on shares of RenaissanceRe from $229.00 to $238.00 and gave the stock a “neutral” rating in a research note on Monday, February 5th. Evercore ISI upped their price objective on shares of RenaissanceRe from $213.00 to $216.00 and gave the stock an “underperform” rating in a research note on Thursday, April 11th. Finally, BMO Capital Markets upped their price objective on shares of RenaissanceRe from $216.00 to $295.00 and gave the stock an “outperform” rating in a research note on Monday, February 5th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $247.89.

Insider Buying and Selling at RenaissanceRe

In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value of $586,400.00. Following the transaction, the chief financial officer now directly owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other RenaissanceRe news, CFO Robert Qutub sold 2,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value of $586,400.00. Following the transaction, the chief financial officer now directly owns 70,424 shares of the company’s stock, valued at $16,518,653.44. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Carol P. Sanders sold 880 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $227.59, for a total transaction of $200,279.20. Following the completion of the sale, the director now owns 5,363 shares in the company, valued at $1,220,565.17. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,130 shares of company stock valued at $958,429. 1.30% of the stock is currently owned by insiders.

RenaissanceRe Price Performance

RNR opened at $222.99 on Friday. RenaissanceRe Holdings Ltd. has a one year low of $174.22 and a one year high of $239.42. 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 company’s 50 day simple moving average is $227.58 and its 200-day simple moving average is $215.39. The stock has a market capitalization of $11.75 billion, a P/E ratio of 4.35, a price-to-earnings-growth ratio of 2.87 and a beta of 0.30.

RenaissanceRe (NYSE:RNR) last announced its quarterly earnings data on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.13 by $3.64. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The firm had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.83 billion. During the same period last year, the firm earned $7.33 earnings per share. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. Sell-side analysts anticipate that RenaissanceRe Holdings Ltd. will post 34.41 earnings per share for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders 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 boost from RenaissanceRe’s previous quarterly dividend of $0.38. This represents a $1.56 dividend on an annualized basis and a yield of 0.70%. RenaissanceRe’s dividend payout ratio (DPR) is presently 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.