Louisiana State Employees Retirement System Cuts Position in RenaissanceRe Holdings Ltd. (NYSE:RNR)

Louisiana State Employees Retirement System lessened its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 0.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,400 shares of the insurance provider’s stock after selling 100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in RenaissanceRe were worth $3,583,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Rockefeller Capital Management L.P. purchased a new stake in RenaissanceRe in the third quarter worth about $3,684,000. Fisher Asset Management LLC grew its holdings in RenaissanceRe by 12.3% in the third quarter. Fisher Asset Management LLC now owns 80,773 shares of the insurance provider’s stock worth $22,003,000 after purchasing an additional 8,844 shares during the period. Geode Capital Management LLC grew its holdings in RenaissanceRe by 2.9% in the third quarter. Geode Capital Management LLC now owns 920,814 shares of the insurance provider’s stock worth $250,892,000 after purchasing an additional 25,773 shares during the period. Citigroup Inc. grew its holdings in RenaissanceRe by 367.4% in the third quarter. Citigroup Inc. now owns 30,476 shares of the insurance provider’s stock worth $8,302,000 after purchasing an additional 23,956 shares during the period. Finally, HighTower Advisors LLC grew its holdings in RenaissanceRe by 47.8% in the third quarter. HighTower Advisors LLC now owns 12,224 shares of the insurance provider’s stock worth $3,342,000 after purchasing an additional 3,954 shares during the period. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Stock Down 1.7 %

Shares of RenaissanceRe stock opened at $230.93 on Thursday. The company has a market cap of $11.99 billion, a price-to-earnings ratio of 6.59, a price-to-earnings-growth ratio of 1.91 and a beta of 0.43. The company’s 50 day moving average is $251.89 and its 200 day moving average is $257.91. RenaissanceRe Holdings Ltd. has a twelve month low of $208.98 and a twelve month high of $300.00. The company has a quick ratio of 1.43, a current ratio of 1.42 and a debt-to-equity ratio of 0.19.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Tuesday, January 28th. The insurance provider reported $8.06 earnings per share 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%. Research analysts anticipate that RenaissanceRe Holdings Ltd. will post 29.92 EPS for the current year.

RenaissanceRe Increases Dividend

The firm also recently declared 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. The ex-dividend date is Friday, March 14th. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 0.69%. RenaissanceRe’s dividend payout ratio (DPR) is presently 4.45%.

Insiders Place Their Bets

In other RenaissanceRe news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 79,392 shares in the company, valued at approximately $20,178,270.72. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

RNR has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their price objective on shares of RenaissanceRe from $280.00 to $284.00 and gave the stock a “neutral” rating in a report on Friday, January 3rd. JMP Securities reiterated a “market perform” rating on shares of RenaissanceRe in a report on Thursday, January 30th. Morgan Stanley cut their price target on shares of RenaissanceRe from $265.00 to $245.00 and set an “equal weight” rating on the stock in a report on Friday, January 31st. Barclays cut shares of RenaissanceRe from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $284.00 to $234.00 in a report on Monday, January 6th. Finally, Keefe, Bruyette & Woods cut their price target on shares of RenaissanceRe from $318.00 to $294.00 and set an “outperform” rating on the stock in a report on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $279.90.

RenaissanceRe Company 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.