State of Michigan Retirement System Buys 400 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

State of Michigan Retirement System boosted its position in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 3.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,965 shares of the insurance provider’s stock after acquiring an additional 400 shares during the quarter. State of Michigan Retirement System’s holdings in RenaissanceRe were worth $3,047,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. CWM LLC grew its holdings in shares of RenaissanceRe by 8.7% during the 1st quarter. CWM LLC now owns 610 shares of the insurance provider’s stock valued at $143,000 after purchasing an additional 49 shares during the last quarter. Steward Partners Investment Advisory LLC increased its holdings in shares of RenaissanceRe by 1.5% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,926 shares of the insurance provider’s stock worth $965,000 after buying an additional 73 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in RenaissanceRe by 1.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,594 shares of the insurance provider’s stock valued at $1,550,000 after acquiring an additional 78 shares during the period. Xponance Inc. boosted its stake in shares of RenaissanceRe by 1.1% during the fourth quarter. Xponance Inc. now owns 7,676 shares of the insurance provider’s stock valued at $1,504,000 after purchasing an additional 86 shares during the period. Finally, Securian Asset Management Inc. grew its holdings in shares of RenaissanceRe by 2.3% in the fourth quarter. Securian Asset Management Inc. now owns 4,435 shares of the insurance provider’s stock worth $869,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 99.97% of the company’s stock.

RenaissanceRe Trading Down 0.3 %

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

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

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.39 per share. The ex-dividend date was Friday, June 14th. This represents a $1.56 annualized dividend and a yield of 0.73%. RenaissanceRe’s dividend payout ratio (DPR) is currently 3.45%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Evercore ISI increased their price target on shares of RenaissanceRe from $216.00 to $218.00 and gave the company an “underperform” rating in a research report on Wednesday, May 1st. JPMorgan Chase & Co. boosted their price objective on shares of RenaissanceRe from $237.00 to $245.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. One investment 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 data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and a consensus target price 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.