California Public Employees Retirement System Has $47.86 Million Stock Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

California Public Employees Retirement System raised its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 46.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 244,162 shares of the insurance provider’s stock after buying an additional 77,016 shares during the quarter. California Public Employees Retirement System owned 0.48% of RenaissanceRe worth $47,856,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC bought a new stake in RenaissanceRe during the 4th quarter worth approximately $38,000. Global Retirement Partners LLC raised its holdings in shares of RenaissanceRe by 519.4% during the third quarter. Global Retirement Partners LLC now owns 192 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 161 shares during the period. Daiwa Securities Group Inc. acquired a new position in RenaissanceRe in the 4th quarter worth $39,000. VisionPoint Advisory Group LLC bought a new position in RenaissanceRe during the 3rd quarter worth about $57,000. Finally, CWM LLC raised its stake in shares of RenaissanceRe by 200.0% in the 3rd quarter. CWM LLC now owns 636 shares of the insurance provider’s stock valued at $126,000 after purchasing an additional 424 shares during the period. 99.97% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

RenaissanceRe Stock Performance

NYSE RNR opened at $219.34 on Friday. The company’s 50 day moving average is $226.91 and its 200-day moving average is $216.17. The firm has a market cap of $11.56 billion, a P/E ratio of 4.28, a price-to-earnings-growth ratio of 2.91 and a beta of 0.30. RenaissanceRe Holdings Ltd. has a 12-month low of $174.22 and a 12-month high of $239.42. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 0.23.

RenaissanceRe (NYSE:RNR) last posted its 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 return on equity of 26.93% and a net margin of 28.04%. The firm had revenue of $1.59 billion for the quarter, compared to the consensus estimate of $1.83 billion. During the same quarter in the prior year, the business posted $7.33 earnings per share. The business’s quarterly revenue was up 17.9% on a year-over-year basis. Sell-side analysts predict that RenaissanceRe Holdings Ltd. will post 34.43 earnings per share for the current year.

RenaissanceRe Increases Dividend

The business also recently announced 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 represents a $1.56 annualized dividend and a yield of 0.71%. This is an increase from RenaissanceRe’s previous quarterly dividend of $0.38. RenaissanceRe’s dividend payout ratio (DPR) is currently 3.05%.

Insider Buying and Selling at RenaissanceRe

In other news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $234.56, for a total value 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 legal filing with the SEC, which is available at this link. In other news, EVP David E. Marra sold 750 shares of the company’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $229.00, for a total value of $171,750.00. Following the transaction, the executive vice president now owns 79,699 shares of the company’s stock, valued at $18,251,071. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Robert Qutub sold 2,500 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $234.56, for a total value of $586,400.00. Following the completion of the sale, the chief financial officer now owns 70,424 shares in the company, valued at approximately $16,518,653.44. The disclosure for this sale can be found here. Insiders sold 4,130 shares of company stock valued at $958,429 in the last quarter. 1.30% of the stock is currently owned by corporate insiders.

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.