State of New Jersey Common Pension Fund D Trims Holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR)

State of New Jersey Common Pension Fund D cut its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 32.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,998 shares of the insurance provider’s stock after selling 9,574 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in RenaissanceRe were worth $4,470,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Royal London Asset Management Ltd. grew its position in shares of RenaissanceRe by 1.3% in the 2nd quarter. Royal London Asset Management Ltd. now owns 26,329 shares of the insurance provider’s stock worth $5,885,000 after buying an additional 348 shares during the period. Wedbush Securities Inc. grew its position in shares of RenaissanceRe by 31.1% in the 2nd quarter. Wedbush Securities Inc. now owns 2,655 shares of the insurance provider’s stock worth $593,000 after buying an additional 630 shares during the period. TAP Consulting LLC grew its position in shares of RenaissanceRe by 7.9% in the 2nd quarter. TAP Consulting LLC now owns 11,507 shares of the insurance provider’s stock worth $2,572,000 after buying an additional 839 shares during the period. Caprock Group LLC purchased a new stake in shares of RenaissanceRe in the 2nd quarter worth about $229,000. Finally, Acadian Asset Management LLC grew its position in shares of RenaissanceRe by 88.1% in the 2nd quarter. Acadian Asset Management LLC now owns 2,090 shares of the insurance provider’s stock worth $465,000 after buying an additional 979 shares during the period. 99.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of RenaissanceRe from $265.00 to $267.00 and gave the company a “neutral” rating in a research report on Thursday, July 25th. Citigroup increased their price objective on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. UBS Group cut their price objective on shares of RenaissanceRe from $251.00 to $248.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 9th. Morgan Stanley cut their price objective on shares of RenaissanceRe from $257.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 10th. Finally, Wells Fargo & Company cut their price objective on shares of RenaissanceRe from $288.00 to $280.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $272.60.

Insider Transactions at RenaissanceRe

In other news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the transaction, the chief financial officer now owns 73,915 shares in the company, valued at approximately $16,598,352.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Robert Qutub sold 2,500 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $224.56, for a total value of $561,400.00. Following the completion of the sale, the chief financial officer now directly owns 73,915 shares of the company’s stock, valued at approximately $16,598,352.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $230.00, for a total transaction of $230,000.00. Following the completion of the sale, the executive vice president now directly owns 85,544 shares of the company’s stock, valued at $19,675,120. The disclosure for this sale can be found here. Company insiders own 1.30% of the company’s stock.

RenaissanceRe Price Performance

RNR opened at $266.04 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a market capitalization of $13.88 billion, a P/E ratio of 5.88, a P/E/G ratio of 1.39 and a beta of 0.38. The company’s 50-day simple moving average is $239.34 and its two-hundred day simple moving average is $230.27. RenaissanceRe Holdings Ltd. has a 52-week low of $188.24 and a 52-week high of $268.61.

RenaissanceRe (NYSE:RNR) last issued its quarterly earnings data on Wednesday, July 24th. The insurance provider reported $12.41 earnings per share for the quarter, topping the consensus estimate of $10.88 by $1.53. RenaissanceRe had a net margin of 25.38% and a return on equity of 27.74%. The firm had revenue of $2.95 billion for the quarter, compared to analysts’ expectations of $2.93 billion. As a group, analysts predict that RenaissanceRe Holdings Ltd. will post 39.01 EPS for the current year.

RenaissanceRe Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.59%. The ex-dividend date of this dividend is Friday, September 13th. RenaissanceRe’s dividend payout ratio (DPR) is presently 3.45%.

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.