New York State Teachers Retirement System Sells 4,715 Shares of RenaissanceRe Holdings Ltd. $RNR

New York State Teachers Retirement System trimmed its position in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 9.0% during the 1st quarter, Holdings Channel reports. The fund owned 47,664 shares of the insurance provider’s stock after selling 4,715 shares during the period. New York State Teachers Retirement System’s holdings in RenaissanceRe were worth $14,167,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RNR. Lightrock Netherlands B.V. lifted its stake in shares of RenaissanceRe by 4,690.1% in the 4th quarter. Lightrock Netherlands B.V. now owns 1,017,508 shares of the insurance provider’s stock valued at $286,083,000 after purchasing an additional 996,266 shares during the last quarter. Orbis Allan Gray Ltd purchased a new stake in RenaissanceRe during the 4th quarter valued at $178,519,000. Norges Bank purchased a new stake in RenaissanceRe during the 4th quarter valued at $168,582,000. Egerton Capital UK LLP bought a new stake in RenaissanceRe in the fourth quarter worth $137,944,000. Finally, GQG Partners LLC bought a new stake in RenaissanceRe in the fourth quarter worth $108,780,000. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Trading Up 0.1%

NYSE RNR opened at $326.55 on Monday. The stock has a market cap of $13.92 billion, a PE ratio of 5.44, a PEG ratio of 1.23 and a beta of 0.17. RenaissanceRe Holdings Ltd. has a 12 month low of $231.17 and a 12 month high of $328.39. The company’s 50-day moving average price is $299.80 and its 200-day moving average price is $294.31. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.22.

RenaissanceRe (NYSE:RNR) last released its quarterly earnings data on Tuesday, March 31st. The insurance provider reported $13.75 earnings per share (EPS) for the quarter. The company had revenue of $2.19 billion during the quarter. RenaissanceRe had a net margin of 24.25% and a return on equity of 24.01%. Equities research analysts forecast that RenaissanceRe Holdings Ltd. will post 40.05 earnings per share for the current year.

RenaissanceRe Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.41 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 0.5%. RenaissanceRe’s payout ratio is presently 2.73%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RNR. Barclays cut their price objective on shares of RenaissanceRe from $341.00 to $328.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 29th. Citigroup upgraded shares of RenaissanceRe from a “neutral” rating to a “buy” rating and upped their price target for the company from $335.00 to $345.00 in a report on Wednesday, June 10th. Evercore set a $309.00 price objective on shares of RenaissanceRe in a research report on Thursday, April 9th. Cantor Fitzgerald upgraded RenaissanceRe from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $306.00 to $340.00 in a research report on Thursday, April 9th. Finally, Wall Street Zen cut RenaissanceRe from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Five equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $323.64.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance solutions, specializing in property catastrophe, casualty, and specialty lines. Established in 1993 and headquartered in Bermuda, the company trades on the New York Stock Exchange under the symbol RNR. With a focus on underwriting and risk assessment, RenaissanceRe offers tailored programs designed to help insurers and corporations manage exposure to natural disasters, liability claims, and other complex risks.

The company operates through two primary segments: Reinsurance and Insurance.