California Public Employees Retirement System Buys 77,016 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

California Public Employees Retirement System raised its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 46.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 244,162 shares of the insurance provider’s stock after purchasing an additional 77,016 shares during the quarter. California Public Employees Retirement System’s holdings in RenaissanceRe were worth $47,856,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC lifted its position in RenaissanceRe by 1.7% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 3,557 shares of the insurance provider’s stock valued at $704,000 after purchasing an additional 59 shares in the last quarter. Xponance Inc. boosted its stake in RenaissanceRe by 1.0% in the 3rd quarter. Xponance Inc. now owns 7,590 shares of the insurance provider’s stock worth $1,502,000 after purchasing an additional 75 shares during the period. Nordea Investment Management AB grew its holdings in RenaissanceRe by 0.5% during the 3rd quarter. Nordea Investment Management AB now owns 16,652 shares of the insurance provider’s stock valued at $3,352,000 after buying an additional 89 shares in the last quarter. Aviva PLC raised its position in shares of RenaissanceRe by 5.8% during the third quarter. Aviva PLC now owns 1,790 shares of the insurance provider’s stock valued at $354,000 after buying an additional 98 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its position in shares of RenaissanceRe by 1.5% during the third quarter. Whittier Trust Co. of Nevada Inc. now owns 7,810 shares of the insurance provider’s stock worth $1,546,000 after purchasing an additional 114 shares during the last quarter. Institutional investors own 99.97% of the company’s stock.

Insiders Place Their Bets

In related news, Director Carol P. Sanders sold 880 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $227.59, for a total value of $200,279.20. Following the completion of the transaction, the director now directly owns 5,363 shares of the company’s stock, valued at approximately $1,220,565.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Robert Qutub sold 2,500 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total transaction of $586,400.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is available through this link. Also, Director Carol P. Sanders sold 880 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $227.59, for a total value of $200,279.20. Following the completion of the transaction, the director now directly 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 90 days, insiders sold 4,130 shares of company stock valued at $958,429. 1.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

RenaissanceRe Stock Performance

Shares of RenaissanceRe stock opened at $219.34 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 market capitalization of $11.56 billion, a PE ratio of 4.28, a P/E/G ratio of 2.91 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.40 and a current ratio of 1.40. The company has a 50-day simple moving average of $226.91 and a two-hundred day simple moving average of $216.17.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings results on Tuesday, January 30th. The insurance provider reported $11.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.13 by $3.64. RenaissanceRe had a net margin of 28.04% and a return on equity of 26.93%. The business had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.83 billion. During the same period in the previous year, the company earned $7.33 earnings per share. The business’s revenue for the quarter was up 17.9% on a year-over-year basis. Research analysts expect that RenaissanceRe Holdings Ltd. will post 34.43 EPS for the current fiscal year.

RenaissanceRe Increases Dividend

The firm also recently declared 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 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 0.71%. 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.