State of Michigan Retirement System Raises Stake in RenaissanceRe Holdings Ltd. (NYSE:RNR)

State of Michigan Retirement System boosted its holdings in shares of RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,965 shares of the insurance provider’s stock after buying an additional 400 shares during the quarter. State of Michigan Retirement System’s holdings in RenaissanceRe were worth $3,047,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Riverview Trust Co acquired a new stake in shares of RenaissanceRe in the first quarter worth $26,000. Rise Advisors LLC acquired a new stake in RenaissanceRe during the 1st quarter worth about $31,000. Mather Group LLC. purchased a new position in shares of RenaissanceRe during the 1st quarter valued at about $34,000. GAMMA Investing LLC acquired a new position in shares of RenaissanceRe in the 4th quarter valued at about $37,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in shares of RenaissanceRe in the fourth quarter worth about $38,000. 99.97% of the stock is currently owned by institutional investors and hedge funds.

RenaissanceRe Stock Down 0.3 %

RenaissanceRe stock opened at $212.31 on Thursday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.41 and a quick ratio of 1.41. The stock has a market capitalization of $11.23 billion, a PE ratio of 4.69, a price-to-earnings-growth ratio of 1.40 and a beta of 0.38. The business has a 50 day simple moving average of $224.21 and a 200-day simple moving average of $220.71. RenaissanceRe Holdings Ltd. has a 12 month low of $174.22 and a 12 month high of $239.42.

RenaissanceRe (NYSE:RNR) last posted its quarterly earnings data on Tuesday, April 30th. The insurance provider reported $12.18 EPS for the quarter, topping the consensus estimate of $9.86 by $2.32. The company had revenue of $3.20 billion during the quarter, compared to analyst estimates of $3.05 billion. RenaissanceRe had a return on equity of 27.09% and a net margin of 24.79%. RenaissanceRe’s quarterly revenue was up 41.3% on a year-over-year basis. During the same period in the previous year, the business earned $8.16 EPS. On average, analysts anticipate that RenaissanceRe Holdings Ltd. will post 37.17 EPS for the current fiscal year.

RenaissanceRe Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.73%. The ex-dividend date was Friday, June 14th. RenaissanceRe’s payout ratio is currently 3.45%.

Analyst Ratings Changes

RNR has been the subject of several recent research reports. JPMorgan Chase & Co. lifted their price target on RenaissanceRe from $237.00 to $245.00 and gave the company a “neutral” rating in a research report on Wednesday, May 1st. Evercore ISI raised their price objective on shares of RenaissanceRe from $216.00 to $218.00 and gave the stock an “underperform” rating in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $249.00.

RenaissanceRe 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.