Arizona State Retirement System Sells 90 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

Arizona State Retirement System trimmed its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.6% during the 4th quarter, Holdings Channel reports. The fund owned 15,137 shares of the insurance provider’s stock after selling 90 shares during the period. Arizona State Retirement System’s holdings in RenaissanceRe were worth $3,766,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of RNR. SBI Securities Co. Ltd. bought a new position in shares of RenaissanceRe in the 4th quarter worth $29,000. MassMutual Private Wealth & Trust FSB boosted its stake in RenaissanceRe by 51.3% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 121 shares of the insurance provider’s stock valued at $30,000 after acquiring an additional 41 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of RenaissanceRe by 1,587.5% during the fourth quarter. Jones Financial Companies Lllp now owns 135 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 127 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in RenaissanceRe by 71.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 156 shares of the insurance provider’s stock worth $39,000 after buying an additional 65 shares during the last quarter. Finally, UMB Bank n.a. boosted its holdings in RenaissanceRe by 40.0% in the fourth quarter. UMB Bank n.a. now owns 175 shares of the insurance provider’s stock worth $44,000 after acquiring an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Price Performance

RNR stock opened at $243.81 on Monday. The company has a market cap of $12.01 billion, a PE ratio of 6.96, a price-to-earnings-growth ratio of 2.09 and a beta of 0.38. The company has a current ratio of 1.42, a quick ratio of 1.42 and a debt-to-equity ratio of 0.19. The stock has a 50-day moving average price of $243.31 and a two-hundred day moving average price of $258.10. RenaissanceRe Holdings Ltd. has a 12-month low of $208.98 and a 12-month high of $300.00.

RenaissanceRe (NYSE:RNR) last issued its earnings results 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 net margin of 15.99% and a return on equity of 23.41%. As a group, research analysts predict that RenaissanceRe Holdings Ltd. will post 26.04 EPS 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 issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, March 14th. 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. RenaissanceRe’s payout ratio is currently 4.57%.

Analyst Ratings Changes

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

Insider Buying and Selling at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of RenaissanceRe stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $254.16, for a total value of $254,160.00. Following the completion of the sale, the executive vice president now owns 79,392 shares in the company, valued at approximately $20,178,270.72. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.80% of the stock is currently owned by corporate insiders.

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.